It’s that time of year when students need to start thinking about their digs for the next academic year so housing is the theme for this year’s National Student Money Week, run by the the National Association of Student Money Advisers (NASMA).

The campaign focuses on Where I Live, highlighting the financial pressures of living costs, debt and budgeting. All areas which shouldn’t be impacting studying.

Yet the costs are significant. Research last year from Save The Student revealed 50% of a student’s monthly spend is going on rent and that last year 17,000 students in halls fell behind with their payments. This is no surprise when the average rent is £125 per week, and a whopping £180 in London.

Where to live?

Uni halls, private halls, living with parents and private landlords – which to choose from first year through to your final year? Living with parents is the cheapest option, however according to Save the Student only 8% choose this route, as the fear of missing out means students would prefer to pay more for independence and a social life.

Private landlords were the most popular choice at 47%, along with 34% of students choosing uni accommodation. Although these options can be costly there are some tricks to help keep those costs down. Don’t be afraid to ask – most landlords are keen for a 12-month contract however some will allow a shorter contract to coincide with terms finishing in May/June or will offer reduced rent during these summer months.

Haggle with estate agents – letting fees are still very much around despite a ban hopefully on the way, so if you’re moving out of halls being brave and asking to have them wiped or reduced in price isn’t unheard of. Alternatively there are sites that you can use that only feature private landlords, meaning you won’t have to pay those admin fees.

Discounts that can help pay the rent

Students are exempt from paying council, although bear in mind if you’re living with non-students as they are eligible to pay. It’s up to you whether you split the cost between you as a gesture of good will but you are in no way bound to pay.

There are also countless student discounts available which can help save some much-needed rent money. Be sure to take advantage of student discounts from saving on clothing and eating out through to reduced rail or tube fares.

Bills, bills, bills

If your name is on the bill then you’re within your rights to switch energy, broadband and TV provider and get a better deal. If you rent from a private landlord then it’s always worth talking to your landlord to let them know.

You can also save by making use of student bundles on tv/internet, shop around and see if one can beat the price of another.

Make sure you’re only paying for what you use. Research from uSwitch.com has revealed that the average mobile user pays for 3.4GB of data they don't use each month, so it’s worth taking a look to see if you can reduce your package and save on your phone bill.

The same can be said for internet. Don’t be drawn in by large download speeds or unlimited usage if you’re not going to be using it. Make use of the free Wifi at your uni, as well as the electricity, charge any laptops or phones rather than at home.

Budgeting

Budgeting whilst at uni can be hard to start, as well as maintain, but making sure you have enough for all rent and bills (and to live) can help ease the financial stress.

‘No spend days’ – with some careful planning, undertaking one or two days a week where you don’t spend a penny can help keep the monthly spending under control.

Nights in – getting your mates around to watch a film, play some board games or just have a catch up can be a much cheaper alternative to going out. A couple of times a month and you’ve saved a lot of pounds that can instead go towards your bills.

Shopping smart – grab those yellow stickered items and pay less for your food shop. Aim to go in the evenings and buy reduced items that can be frozen on the day of purchase, go armed with a list and shop around to get the best deal.

Last year we saw more than double the normal page referrals from payday loan companies over Valentine’s, suggesting people were borrowing to fund a night of romance.

By law, payday lenders have to link through to pages here on the Money Advice website and we noticed a spike in traffic on the 14th and 15th February. The 113% increase in referrals to our payday loans pages was more than double the average daily traffic.

Though payday loans are not as expensive a debt as they used to be thanks to increased regulation and caps on interest, they can still quickly turn into much larger debts than you expect.

So even a smallish amount taken out to buy dinner and flowers for your date can become a burden.

But don't rush out and slap your spending on plastic, or dip into your overdraft instead. They will still cost you money in fees or charges. Indeed, even though there are far cheaper options for borrowing money than payday loans, the first rule of borrowing is to only do it to pay for essentials. And as important as Valentine’s Day might be to you or your partner, it’s certainly not essential spending.

Avoid overspending at Valentine’s

Despite this, there's still a huge amount of pressure in shops and restaurants essentially saying the more you spend, the more you love someone. Which we all know really is nonsense. So if you’re thinking of showing your love for your partner this week with a night out or gift, but don’t have much cash to spare, here are a few alternatives to consider.

DIY Valentine’s

New research by price comparison site Finder.com has revealed 47% of UK adults have received a gift for Valentine’s which they didn’t like. That’s a huge waste of cash.

So instead of spending money on something that could end up never used, put a bit of thought into something more personal. Perhaps it’s cooking a meal from scratch, or even a simple homemade card.

Stick to a budget

Try to avoid splashing out on anything you can’t afford. It’s better to be upfront about what you can afford and working within it.

That might mean hunting out some vouchers and deals for flowers, fizz or meals out. Or if you’re not fussed about doing something on the 14th itself going out on a day when it’s less busy should be cheaper.

Money worries

If the reason you’re stumped for cash at Valentine’s is down to bigger money issues, then further borrowing – not just payday loans - can make the situation worse.

It’s important to get control of existing debts, and if that doesn’t seem achievable then it’s important to acknowledge the situation and seek help. You can find free and independent help near you using our Debt Advice Locator tool.

All set for Valentine’s Day on Wednesday? Hands up who’s treating their partner to a four-course meal at Greggs? Steak bakes and doughnuts aside, this week saw the announcement of a council tax rise, the nation’s favourite supermarket revealed and some banks starting to impose a credit card ban on bitcoin purchases.

Improvements for zero-hour workers

A new Government reform means the UK will become one of the first countries to tackle workers’ rights as they pledge to help create higher-paying jobs; as well as ensuring holiday and sick pay for those on zero-hour and agency contracts.

Council Tax rise from April

From April this year households could see an increase in council tax of up to 6%, which would take the annual cost for a typical property (the average Band D home) up £95 to £1,686.

More than 90% of councils are also considering upping fees for services such as garden waste collection, meals on wheels and planning applications, as a new survey shows that town halls and their taxpayers are now "perilously close to the edge".

Footfall slumped last year

Figures from The British Retail Consortium revealed that retail footfall slipped 1.6% in January, compared to the same period a year ago. Although this is an improvement on December’s 3.5%, this is the worst January since 2013.

And finally…

Aldi tops the Which poll as the nation’s favourite supermarket, knocking Waitrose off the top spot which they’ve held for three years.

Marks & Spencer came in second place with five-star ratings across quality of own-label products and fresh products and Lidl ranked in third position with five stars for its value for money.

Which city is the most affordable?

With property prices at the highest since 2007, the 10 most and least affordable cities to buy have been revealed. Oxford, Cambridge, Bath, Greater London and Winchester have all become out of reach for many, with property prices at least 10 times average annual salaries.

On the other end of the scale it seems the places to head to are: Stirling, Londonderry, Bradford, Lancaster and Durham. Here, property prices are five times or less above average annual salaries.

Beware of the scammers

Scams via social media have been on the increase with false ads using images of luxury items and promising high returns has resulted in thousands losing their money. Last year the UK lost £87,410 a day to these types of schemes.

Historically, over 55s have been most at risk to investment fraud, however the FCA found those aged under 25 were six times more likely to trust an investment offer they received via social media, compared with over 55s.

Retirement debt

New research from Prudential has revealed that one in five will retire this year with an average debt of £33,900 – a 40% increase on last year. Grandparents helping with house deposits, uni fees and the increased cost of living has been attributed to the rise.

The study also found that 38% are still paying off mortgages and 53% owe on credit cards.

And finally…

For those of us who can’t resist ‘bending the rules’ during a game of Monopoly, there’s now a cheaters edition.

Featuring 15 new “cheat cards”, this new edition means not paying rent or moving your piece ahead when it’s not your turn are all acceptable moves – just don’t get caught, as it could mean fines and time in jail.

However, if no one manages to catch you out then cheaters are rewarded for their stealth with property or cash.

Can I get off a prepay energy meter?

Yes, but sometimes the reason people are on prepayment meters is because they’ve fallen behind on their bills. If this is why you’re on one, his it may not be very easy to switch back to a standard meter.

Before you’re allowed to switch your meter, you will probably have to meet certain conditions, including making sure your account is debt free and, in some cases, passing a credit check.

If you’re a renter, you will need the landlord’s permission to change the meter. And in some cases you might have to switch the meter back to what was there before if you end the tenancy. But, you won’t need their permission to switch between prepayment meter providers.

We all know that you can save money by switching your services, but even so many prefer to stick with their existing company. Yet new research has found the cost of staying loyal to be almost £1,000 a year.

That’s a huge amount of cash which most of us wouldn’t normally ignore. In fact, according to the report by Citizens Advice, the £987 more loyal customers spend is equivalent to four months of food for the average household.

Or it could be used to help clear debts, save towards your holiday or simply just build up a bit of an emergency buffer.

And the way to keep this money for yourself is simple. Be a new customer elsewhere. That’s how you get lower prices for many services including energy, mobile phones, broadband, insurance, mortgages and savings.

Yet many are willing to lose out rather than move. So we’ve taken a look at some of those reasons, and explained why you shouldn’t be scared to switch.

Reasons you might be loyal – and why it’s still better to switch

Loyalty should pay

Sadly it doesn’t as far as most bills go. There are very few loyalty schemes out there which are even close to the benefits you’ll get by moving to a better deal elsewhere.

Remember you don’t owe that company anything. It’s your right to move, especially if it will save you money.

You’re put off moving by your existing company

This was one of the causes the Citizens Advice research found for inertia. Confusing terms and conditions, a lack of notice that contracts are ending and financial barriers all made people stay put.

But there’s an easy way to beat this. When you start any new service, add a note in your calendar a month before the contract ends, or just spend 30 minutes to work them out for existing contracts.

You’re then free to start looking at moving your service without early termination fees, and you won’t move to a more expensive rate without realising.

Better the devil you know?

Lots of people are worried they’d get worse service if they move – and of course that could be the case.

To combat this you just need to do a little research. Check for customer service reviews online or ask your friends who they recommend. Remember cheapest isn’t always best, but you can certainly find better service for less if you’ve never switched.

You can’t be bothered

Ah, apathy. Finding time to do a little financial admin when you could be doing something more exciting (or just chilling out) can be a difficult hurdle. And that’s understandable when our lives are often so busy.

But take a moment to consider just how much money you could save – close to £1,000! It’s well worth putting aside a few hours to get it done.

You find it all too confusing

If you’re every worried about switching or finding a better deal because you just don’t get it – well we’re here to help. There are lots of guides on the Money Advice Service website which will take you through your options and explain what you need to do.

Anyone else felt like January was never ending? As the longest month comes to an end, this week’s news saw average deposits for houses doubling, Mastercard announcing plans to verify payments by selfies or fingerprint scans and changes to MOT rules from May.

Mortgage approvals drop

New figures from UK Finance revealed that the number of mortgages being approved by UK banks has fallen to their lowest level in nearly five years.

36,115 mortgages were approved in December, making it the lowest number since April 2013.

Move over passwords, it’s all about the selfie

From next year, Mastercard has ordered that any bank issuing a Mastercard-branded debit or credit card must offer biometric authentication, as part of the EU's new requirements for 'strong customer authentication'.

In other words, when you use your phone to pay for something online you will have the option to confirm your identity by using either a selfie or your fingerprint.

Deposits double

Although the number of first time buyers has increased by 6% in the past year, the average deposit has now doubled. New figures from the Halifax First-Time Buyer Review revealed that the average deposit jumped from £17,740 in 2007 to £33,339 a decade later, an increase of 91%.

Outside London, the largest increase was in the South East, where deposits have risen 157% to £51,457.

And finally…

In the US Amazon have opened a supermarket with no checkouts or self-service tills.

Shoppers enter through barriers using their Amazon Go app and, with the aid of cameras and sensors, go about adding items straight into their bags with an electronic receipt issued to you as you exit…something from an episode of Black Mirror perhaps?

Running a car just seems to get more and more expensive, and 2018 doesn’t look like it will be any different. According to research by Confused.com, the average car insurance policy is set to reach a record £900 this year!

Younger, male drivers are bearing the brunt of this increase, with motorists in inner London and Scotland also being heavily hit.

But with insurance being a legal requirement, is there anything you can do to beat the increase?

Well yes there is.

Don’t auto-renew

Can you honestly say you know when your car insurance comes up for renewal?

Well, if you don’t, maybe you should make a note of the date. Every year, many of us simply renew our car insurance with an existing provider, or blindly accept a renewal quote.

This is a sure-fire way to end up on an expensive policy, which is costing you more without offering any extra protection.

As excuses for not completing your tax return go 'I couldn't file my tax return because the wife saw aliens’ really has to be up there with the most bizarre. This, along with others such as ‘I spilt coffee on it’, were revealed this week as some of the poor excuses given for missing the end of the month deadline. But what else were we talking about in the money world?

1. Can you recognise a scam?

80% of over 2,300 people surveyed for the Take Five to Stop Fraud campaign said that they could confidently identify a scam email or text. Yet in a separate test of over 63,000 people, less than one in 10 scored full marks in the Take Five Too Smart To Be Scammed? quiz.

2. Enjoying the high life

Life insurer SunLife have revealed that the majority of over-50s would rather keep hold of their money and spend it now instead of passing it on. Although 62% said the money was ‘there to be spent’, it seems the kids don’t mind; as only one in ten think that their parents are being selfish by not keeping it for them.

3. Car insurance costs set to rise again

The cost of car insurance is already up from the end of 2016 and is only set to get higher. Prices are currently up 8% but are set to reach £900 by next year.

The average, according to Confused.com, is now £827, with the biggest hikes in prices last year being in Scotland where premiums rose 17% in the border region, 13% in the north and east, and 11% in the Highlands and Islands.

And finally…

The key to happiness is apparently us having an extra £508 a month. A survey of 2000 revealed that fretting about finances prevents 68% of us from achieving true happiness. More money = happiness, who would have thought!

In the week where Open Banking dominated the headlines, we take a look at what was happening in the world of finance. Including the ban on credit card fees, false holiday compensation claims and tackling rip-off energy prices.

Banking the digital way

A new change in the law has paved the way for open banking. Banks and building societies must now allow regulated businesses access to a customer's financial data (with the customer's permission), including apps and online services that analyse spending. It could potentially mean better deals on everything from loans and mortgages to shopping and broadband.

One in five millennials say they're not confident managing money

That's one of the findings from a new report by the Money Advice Service in association with Britain Thinks. Money is also seen as a taboo, with the same number feeling embarrassed to talk to friends and family about finances.

Cheaper energy by Christmas?

A cap on standard variable tariffs for our energy could be in place by Christmas this year, according to Ofgem. A government plan to impose controls on prices was announced in October last year as figures show bills have doubled in Britain over the past ten years.

False compensation claims

Watchdog Association of British Travel Agents (ABTA) has revealed 9.5 million people have been approached about making holiday sickness claims despite never falling ill. The most common way people said they were approached was over the phone, followed by text and email, although some were approached in person whilst on holiday.

According to a YouGov survey, almost one in five people have been contacted about making a compensation claim with many not knowing that it can lead to a prison sentence.

No more charges for paying on plastic

It could be good news for those of us that pay by card as those surcharges added to our bills, from airlines to takeaway apps, are now banned. The fees which were estimated to be costing Britons £166 million a year, are now to be absorbed by the seller and includes PayPal, Apple Pay, credit transfers and direct debits.

Lending to mates

We're a generous bunch of people, but apparently we should think twice about it. In the last year Brits lent friends £793 million, but around four in ten have not been paid back, according to Barclays.

And finally…

A third of Brits would apply for a job as a 'money mule' even though it comes with the risk of being locked up for 14 years in prison. With 8,652 cases of 18-24-year-olds becoming 'mules' in the UK last year, the advice being given is "if an offer of easy money sounds too good to be true, it probably is."

We all know bills are getting more expensive. From our broadband to our energy, it’s impossible to escape the fact that year on year prices are going up.

Energy comparison website Compare the Market has crunched the numbers and found the average increase in 2017 was 13% - working out as £280 per household. And that’s just the average. Anyone in Wales would have seen a huge average hike of £500.

The biggest contributor is more expensive energy, but insurance and other bills also play a part.

The cost of bills in 2017 compared to 2016

2017

2016

Energy

£1,625.45

1383.59

Car

£735.36

691.85

Home

£141.43

140.58

Total

£2,502.25

2216.01

(Source: Compare the Market, Jan 2018)

Fortunately, there are ways to counter these extra costs and reduce what you pay for all your bills. Here are a few simple ways anyone can cut back, and save themselves hundreds of pounds.

Switch and fix your energy

The most expensive gas and electricity is charged to those who don’t bother to compare their energy bills. Do this and you’ll quickly see that there are savings of around £300 to be made.

Switching energy should save you a decent amount, but to guarantee prices don’t go up it’s worth also fixing for 12 months.

Don’t auto-renew your insurance

A big cause of pricier insurance is the larger tax levied on most policies you buy. But one of the biggest reasons people pay more is just letting it auto-renew.

The best deals are normally for new customers so moving your car, home or other insurance elsewhere will bag you those deals. But it’s also worth haggling with your current provider. Lots of people manage to save huge amounts this way.

Minimise your TV channel choice

If you pay for TV through the likes of Sky or Virgin, you’ll no doubt have hundreds of channels – and it’s impossible to watch them all. So review what you’ve got, and if you aren’t watching regularly, especially movie channels, it’s worth cancelling those extras.

Cancel your mobile contract

If you’re signed up to a 24-month contract for your mobile phone calls, texts and data, it probably also includes the cost of that new handset you got when you signed up. Well, at the end of the contract, if you don’t switch you’ll keep on paying for the phone.

If you’re willing to keep your phone for another year or so it’s better to move to a SIM only contract. This will likely reduce your bill to around £10 or £15 a month.

Get the broadband speed you need

Most households don’t need superfast fibre. Yes it makes things faster, but you can probably cope well enough with normal broadband – and that can be much, much cheaper. It can even be free if you bundle it with your TV package.

Increased oil prices have meant we're paying more for fuel at the petrol pump than at any time in the last three years – and prices look set to stay high all year.

The average cost of a litre of unleaded petrol last month was 121.11p, the highest since December 2014 according to the RAC. This works out at £66.61 to fill a 55-litre tank - a tenner more than it was in March 2016 when the average was just 102p per litre.

Over a year this is likely to have a big impact on drivers, so any way to save money on fuel is worth checking out.

Fill up where it’s cheaper

We'd always advocate shopping around for the lowest price, and supermarket pumps are often among the cheapest. But it’s pointless driving out of your way to save a few pence per litre.

However, if you get to know the petrol stations on your regular routes you’ll know which ones are cheapest – so pull in to those pumps when you’re driving past. And if you’re about to go on a long motorway journey or out into the middle of nowhere, fill up before you have no choice but to pay inflated prices.

Drive better

You can also reduce how much fuel you use to lower your regular costs. That doesn't mean driving less (though of course that would make a difference).

The trick is to drive in a more fuel efficient manner. Some of the top ways include:

With the debt of Christmas weighing on our minds and the majority of us are still trying to adjust to being back at work, we look at the week’s top stories. From the fall in new car sales, how long it will take to save for your first home and a ‘latte levy’, here’s what dominated the news.

1. New Year debt

Money Advice Trust this week gave us the cheery news that an estimated 7.9 million people expect to fall behind with bills in January. With lack of planning as one of the main causes, there’s no better time to start preparing for Christmas 2018 and stop yourself from putting all those presents on the plastic.

2. The brakes are on for new car sales

For the first time in six years, new car sales have fallen with a lack of confidence and confusion being partly to blame. Figures report that sales were down by 5.7% from 2016 and Diesel being the worst affected with a drop of 17.1%.

And finally…

#LatteLevy was the hot topic as MPs called for a 25p tax on disposable coffee cups, as it was revealed the UK throws away 2.5 billion cups each year, with half a million a day being littered.

However, Pret is hoping to spearhead a change in people’s habits by offering a 50p discount to customers who bring in reusable cups and Starbucks will be trialling a 5p charge on the use of paper cups in 20-25 London stores from next month.

By now, we’re betting you’re sick of the sight of tinsel, the smell of turkey and you’re regretting those eight mince pies you scoffed during the Queen’s Speech.

The health industry knows you’re feeling over-indulged right now so push lots of regimes, pills and potions to detox yourself back into health.

But is it only your waistband that is feeling tight? What about your wallet? Now Christmas and New Year’s is done and dusted with, it’s the perfect time to put yourself through a money detox. We’re not saying that you have to cut out spending and sit around in the dark to save a few quid, but with a bit of organisation at the beginning of January you can set yourself up for a more financially successful and less stressful year.

Create yourself a budget

This may seem like an obvious one, but sitting down for half an hour and figuring exactly what you’ve got coming in and what is going out, is going to set you on the right track to sorting out your finances.

You just need to gather all your paperwork (or whatever you can find online), including bank statements and bills and enter all the information into our Budget Planner tool that does all the hard work for you. The planner will then do all the calculations for you and give you a breakdown in of your finances, along with personalised tips to help you make the most of your money.

Get your standing orders and Direct Debits in order

Did you set up a standing order or Direct Debit months/maybe years ago and have completely forgotten about it? It’s really common to find you’ve had £5 or more come out of your bank account every month for something you haven’t been using.

January is the perfect time to go into your bank account and get rid of all those unneeded subscriptions. You know, that free trial you forgot to cancel or the insurance for that tech product you no longer have. Delete them and save yourself some cash.

At the same time, set some up to cover your bills and make life easier. Pay your rent/mortgage, minimum payment to debts, utilities etc by Direct Debit and relax knowing you’ve got it all sorted.

Get switching and cut the cost of your bills by hundreds of pounds

‘Switching’ is the eighth wonder of the world, yet lots of people never do it because it seems like a faff - but you can cut HUNDREDS of pounds off your bills when you stop being loyal to your current providers.

The sad fact is that companies typically give the best deals to newbies, and the longer you’re with a provider, the higher your prices are likely to be.

So switch - drop them, and not only get a cheaper deal, but a better one. Who doesn’t want faster broadband or more TV channels for less? It’s a no-brainer.

Think about ways to reduce your spending

Take a look at your bank statement, see what you’re spending money on and think about ways you can cut the costs.

Always get a coffee on the way to work? That £2 might not seem like much, but that could be £40 a month or around £2000 a year! Cut back a bit, or think about making a coffee at home and taking it in a flask with you.

Find yourself having to buy a box or two of breakfast cereal a week for the family? Give the own-brand versions a shot. You never know, the kids might not even be able to tell the difference.

We all like to enjoy the festive period and this often involves overindulging on food, drink and even our money. But the new year can also bring unwanted financial problems as festive overspending catches up with you.

According to Money Advice Trust (MAT), an estimated 7.9 million people expect to fall behind with bills in January, an increase of 11% on last year.

The key problem, despite our best intentions, seems to be we just don’t plan well enough in advance.

More than half of people had not saved up for Christmas at all before December and more than one in three put Christmas on the credit card.

So, what can you do now to stay on top of your bills and how can you prepare for Christmas this year to avoid the same thing happening in 2019?

Make a budget

Start 2018 off on the right foot by getting around to making a budget.

It’s not glamourous, but it really is the best way to understand your spending habits, find areas to cut back and stay out of debt.

Total up everything you have coming in from work, benefits and other sources. Then look at everything going out including utility bills, rent, mortgage, travel and mobile phone.

This will give you a good idea about how much you have left each month and might also highlight some areas you can cut back.

Seek advice

If you’re already struggling with debt, or are worried about the post-Christmas credit card bill, then it is vital you seek advice as soon as possible.

You might think you have your money under control, even if you do find yourself overstretched at the end of the month. But dealing with your debts head-on at an early stage makes it an easier problem to solve.

Join a credit union

If you’re starting to save for Christmas 2018, then you’ll also need to think about where you’re going to put the money.

Now, you could just keep it in your regular bank account. There is nothing wrong with this, but it does mean you might be tempted to dip into it early.

A good alternative to this is to join your local credit union and set up a Christmas savings account. Many credit unions offer special Christmas savings accounts, so you can be sure your money is safe until you need it.

Credit unions also offer a range of other services, including low cost credit, which could help you if you have to deal with an unexpected expense.

It’s nearly time to say goodbye to 2017 and welcome in 2018. But before we say farewell to this year, let’s take a look at our most read stories of the last 12 months.

January

Mental health has regularly been in the headlines in the last 12 months. In January, Polly Mackenzie from the Money and Mental Health Policy Institute wrote about the problems people face when it comes to managing their money, impulse buying and the vampire economy.

February

As we headed into Lent, many of us were looking for things we could give up for a month. But, not only can cutting out the takeaways, chocolate and booze be good for our health, it can be good for your finances as well.

March

Every year people lose more and more money to increasingly complex financial scams. This year, as part of the Financial Conduct Authorities ‘Take Five’ campaign, we looked at some of the different kinds of scam, how to avoid them and what to do if you’ve been targeted.

May

Contactless and digital payments have revolutionised how we pay for things in recent years. But there has also been a big shake-up in our physical money as well, with a new £1 coin, £5 note and £10 note. Unfortunately, this has meant we’ve had to say goodbye to our old friend the paper fiver.

June

New research from the Money Advice Service has found one in six adults are at risk of crisis debt – but only 20% of those people seek help. In June, we asked people to help by learning the signs of problem debt so they could identify them in friends and family.

July

Not only did things get more expensive in 2017, but they also got smaller. Toilet rolls, chocolate bars and fruit juice were among more than 2,500 products that have reduced in size in the last five years.

August

Once the summer holidays are over, it’s time to pack the kids back off to school. But the back-to-school rush can put pressure on parent’s finances with new uniforms, bags and stationary. We sat down with our children and young people expert Kirsty, to talk about how to handle these costs.

September

September saw the tenth birthday of contactless payments. The tap-and-go payment system has radically changed the way we think about money, but while it might be convenient, you also need to be careful.

October

It’s never too early to start planning for Christmas. This year, we sat down with money expert Caroline and Christmas fan Sandrine to talk about the best ways to pay for and save in the run up to December.

November

Just as the year was coming to an end, there was a sudden burst in huge personal finance news. At the start of November, the Bank of England increased interest rates for the first time in over a decade.

Meghan Markle, iPhone 8, Hurricane Irma and Fidget spinners were the top trending Google searches in 2017, but what brought you to the Money Advice Service site in the last 12 months? We reveal some of our most popular searches of the year.

Stamp duty rates

Stamp duty is always a popular search term, but it tops the list this year. That could well be down to the changes for first-time buyers announced at the budget in November.

Giving and receiving presents at Christmas is all part of the fun, but sometimes it goes wrong.

Perhaps you bought a gift for someone that didn’t fit or was broken, or (worst of all) maybe you received something you just didn’t want. If that happens, then you’ll want to get your money back or exchange it for something else.

So, what are your rights when returning Christmas presents?

What am I entitled to?

Anything you buy must meet three standards under the Consumer Rights Act:

Satisfactory quality – should not be faulty or damaged, or at least of satisfactory quality. For example, second hand goods are not held to the same standards as brand new.

Fit for purpose – be able to use it for the purpose they were supplied for.

As described – must match the description, model or sample shown at time of purchase.

Gift for someone else

As long as you have the receipt, returning or replacing a gift you bought for someone else which fails to meet the three standards, is quite simple.

If you want a full refund, then you need to return the gift within 30 days. After 30 days, you’re only entitled to a repair or replacement, not a refund.

If the present develops a fault in the first six months, you can still get a repair or replacement and, if this fails a full refund or price reduction.

Gift from someone else

Things get more complicated if you want to return a gift bought for you by someone else, because you need proof of purchase, which you probably won’t have.

If the item is faulty then you can just ask the person who gave it to you for the receipt, assuming they kept it.

But if it is something you don’t like, or just don’t want then you might be too embarrassed to ask. In this case you are going to struggle to be able to send it back.

You might be in luck however, as some stores operate a goodwill returns policy at Christmas.

Buying online and delivery

Rather than hitting the high street for our Christmas shopping, many will be buying presents online. This means you are also covered under the Consumer Contracts Regulations.

In the first 14 days, you have the right to cancel your purchase at any time. For example, if you find the same item cheaper elsewhere. After this, you are covered under the standard Consumer Rights Act if the item fails to meet the three standards.

The more difficult area is delivery. If you request delivery before Christmas and the gift fails to show up, then you are entitled to cancel the order for a full refund. However, you will need to have agreed the delivery date with the retailor when buying.

Unoccupied houses and stacks of gifts could make your home a target for thieves over the festive period – are you covered if the worst were to happen?

We’ve six questions to consider to help keep your home safe and make sure you don’t lose out if you were to be burgled over Christmas.

Is your home secure?

At Christmas, it’s not unusual to be away from your home for a few days as you visit friends and family. Burglars know this, and that there could be new, high-value items inside. The shorter days make it a prime time for break-ins.

There are a few things you can do to protect your home including installing automatic lights, locks on windows and alarms on doors – all things which might help reduce your insurance premiums too.

Are you showing off expensive gifts?

Almost two in five people (38%) put the gifts around the tree well before the big day, according to Co-op Insurance. Though it might be lovely to do this, you could be letting prospective thieves know there are new shiny things in your home, particularly if the tree is visible from the outside.

Keep curtains closed, and don’t put the presents out until Christmas Eve.

Where are you keeping your presents?

With kids adept at finding the hiding places around a home, you might be tempted to keep Christmas gifts in the garage, shed or even in the boot of your car, as Co-op found 5% of us do.

The problem is anything left outside the home might not be insured. Outbuildings are sometimes excluded from standard policies, and your car insurance will probably have limits.

Is your policy big enough?

When you take out insurance you’re asked to put a figure on the value of all your items. You might find any claim is rejected if you’ve underinsured – so if you think that total has increased thanks to Christmas you’ll need to talk to your insurer.

Have you bought anything really expensive?

Anything that costs more than a set limit, normally between £1,000 and £2,000, will generally need to be specified on an insurance policy. You might also have to add in laptops, bikes and any other high-risk items. So if any gifts you give or receive fit these criteria, you’ll need to get them added to your policy as soon as possible.

Are your gadgets protected?

With many gifts now high tech, you might find they’re excluded from your contents insurance – particularly if they’re taken out of the home or are more susceptible to accidental damage.

Just a week left until the big day. Hopefully you’ve bought all the presents, stocked up on food and are ready to enjoy a relaxed Christmas. If not there are still a few shopping days left. But before you dash out for some last-minute shopping, or heat up the mulled wine, take a moment to catch up on the top money and personal finance news.

1. Drip-down

Water bills in England and Wales are set to fall by £15 to £25 between 2020 and 2025, according to Ofwat. A price review carried out by the regulator will restrict the ability of water companies to recover the cost of debt from customers.

2. Saving sooner

Younger workers could soon start taking advantage of workplace pensions. The government hopes to extend automatic enrolment to 18-year-olds, from the current age of 22. At the moment, anyone under 22 must ask to become part of the pension scheme, rather than being automatically enrolled.

3. Pampered pets

Will you be giving the family pet a gift on Christmas Day? Well, according to Direct Line, the average pet owner spends nearly £50 on a gift for their cat or dog, for a grand total of over £1 billion across the UK. One in ten pet owners also buy their furry friend an advent calendar.

4. A helping hand

A new anti-fraud system has saved would-be victims £9.1 million in its first year of operation. The Banking Protocol system allows bank staff to call the police if they suspect someone is being scammed. Those saved by the scheme include a man about to spend £10,000 on a fictitious Rolls-Royce.

5. Last minute

There’s just a week left until the big day and if you haven’t finished your Christmas shopping yet, you’re running out of time. But don’t worry, while you might not be able to get the best deals, there’s still some easy ways to save.

6. Financial worries

It’s natural to worry about money, but two fifths of people in the UK are worried about their financial future. Research from Aldermore’s 2017 Annual Savings Tracker found Londoners and younger people were the most worries about their finances.

And finally…

Most of us enjoy a tipple at Christmas, but if minimum pricing was introduced, it could get a lot more expensive. Research by the Institute for Fiscal Studies found it would not just be cheap, strong drinks affected, but most lagers and ciders would see significant price increases.

Did you know that debt can affect children and their mental health? Today marks the start of Children’s Mental Health Week, and finances are just one of the areas in focus.

In this guest blog post, Clare Bracey, director of campaigns at The Children’s Society, tells us about the Debt Trap campaign to help vulnerable families struggling with debt.

It’s a painful fact that many children and young people in the UK are experiencing emotional and mental health problems, often alone and in silence.

At The Children’s Society, we’ve been looking at the negative effects that debt can have on a child’s mental health. We know that debt puts an immense strain on families, with bailiffs knocking at the door, a barrage of letters and phone calls, and the fear of eviction. It’s a terrifying situation for any parent, let alone a child, and it can have long term consequences for their physical and mental health.

Our research found that children growing up in families in problem debt are five times more likely to be unhappy than those in families without debt troubles, and when you consider that there are an estimated 2.4 million children living in families who have fallen into problem debt, then you can see the scale of the problem.

The effect of debt on children

For children, debt can undermine their relationships with their peers and may mean missing out on socialising or school trips, leaving them feeling isolated, excluded and ashamed. In some cases they are going without basics such as food, clothing or heating. They can feel a sense of failure for not being able to help their parents deal with their debts, leaving them with lower self-confidence and self-worth.

Many families are under enormous pressure, struggling to cope with low wages and rising bills, and it can take just one unexpected set-back - like a serious illness, losing a job, domestic violence or the boiler packing in - to push a family over the edge, and once in the debt trap, it can be incredibly hard to recover from as fees and charges quickly mount up.

How to stop the damage debt does to children

We want to stop the damage that debt is doing to children, which is why we want to see a ‘breathing space’ scheme, which would make a massive difference to families in problem debt – it would stop debts from increasing for a period of up to 12 months and allow families to tackle their debts in a manageable way, without visits from intimidating bailiffs, giving them the time and space to get their finances in order and get the mental health support they need.

Children shouldn’t have to pay the price of debt with their mental health. You can find out how to support our call for a “breathing space” by visiting The Children’s Society website.

This guest post is from The Children's Society and doesn’t necessarily reflect the views of the Money Advice Service.

All week we're talking about money worries on the blog, and why talking about them is one of the best ways to start making things better.

And it's not just your finances that might need improving. Your mental health will also have been affected.

Today, Helen Undy from the Money and Mental Health Policy Institute has written a guest post for us looking at the direct and indirect ways money worries impact mental health.

Do you remember the song "Don't Worry, Be Happy" by Bobby McFerrin? The first verse contains these lines.

“In every life we have some trouble

But when you worry you make it double

Don't worry, be happy

Don't worry, be happy now”

"Don't worry, be happy" by Bobby McFerrin, 1988

I’ve always found this song to be particularly troubling. As a frequent worrier, there are few things more annoying than being told ‘don’t worry’. At best, it’s pointless, at worst it starts the spiral of worrying about worrying - do I worry too much? Should I be worried about that? Especially when there are sensationalist news stories about links between worry and conditions like heart disease, stroke and stomach ulcers; a worrier’s nightmare.

Research consistently suggests that money is one of the leading causes of worry - and it’s easy to see why. Not knowing how you’re going to make ends meet each month, fearing visits from bailiffs, or seeing a sudden drop in your income can be stressful, and lead to ongoing worries that can really take their toll on our mental health. The song has something to say about that too…

Money troubles and money worries

Half of adults in problem debt have a mental health problem. At Money and Mental Health we carry out research to try to understand the link between financial difficulties and mental health, and money worries are a key part of this puzzle.

In 2016 we published a significant piece of research based on the experiences of over 5,000 people with mental health problems. We mapped the key pathways from financial difficulty to mental health problems, to try to understand the links, and where they might be broken.

For example, we found that financial difficulty often leads to creditors sendings lots of letters or making frequent telephone calls that can, unsurprisingly, cause stress and anxiety - which take their toll on our mental health. We also found that being in debt takes up lots of time and mental health energy, managing bills, researching options and budgeting - which can leave us exhausted, anxious and feeling low.

Source: Money and Mental Health Policy Institute, Money on Your Mind, 2016. Pathways were mapped from the qualitative accounts of financial difficulty from 2,911 people with mental health problems

But as well as these indirect links - where financial difficulty leads to a set of circumstances that have an impact on our mental health, we also found a direct link. Being in financial difficulty, for most people, feels pretty terrible - it has a direct impact on our mental health, affecting our self-worth, our mood and our anxiety levels. The big blue arrow on the diagram above demonstrates that direct impact, and for many people, a large part of that is about worry.

Talking about money worries

So what can we do about it? As a research institute we’re campaigning to improve things like the contact people receive from creditors, or the tools that are available to make budgeting and managing money less of a burden - so that being in financial difficulty doesn’t have to have such an impact on our mental health. But about the blue line? That’s harder to fix. If you’re worried about money (or worried about worrying about money…) we’d suggest you don’t take the advice of Bobby McFerrin, who’s song continues:

“Put a smile on your face

Don't bring everybody down like this

Don't worry.”

If you’re worried, and it’s getting you down, you’re not alone. The first step is not to put on a brave face, but to talk about it. You can find sources of support with both mental health and money on the Money and Mental Health site here.

There are spoilers below for the first new film, 2015’s The Force Awakens, but not for 2017’s The Last Jedi.

1. One man’s junk is another woman’s income

When we first meet Rey in The Force Awakens, she’s on the planet Jakku, scavenging amongst the wreckage of Imperial Starfighters for scrap parts. But this isn’t for some ill-thought through art project. No, everything she finds (apart from BB-8) she sells for credit, which she uses to buy food - or at least something that looks like food.

And you can do the same. I’m not saying dive through your neighbour's bins to see what you can salvage. But do look around your home. You’ll no doubt find something you think is rubbish but someone else will happily give you some cash for! People will buy anything from cardboard toilet roll tubes to old mobile phones.

2. You can always change your career

Ever felt like you’re trapped in a job that isn’t for you? Well being a Stormtrooper wasn’t cutting it for FN-2187, aka Finn, so he took the brave decision to quit. But as much as I’m sure he’d have liked to slap a resignation letter on Captain Phasma’s desk and walk out high-fiving other disgruntled employees, that just wasn’t practical. No, Finn needed a plan - in this case breaking Resistance pilot Poe Dameron out of jail and then stealing a Tie Fighter to escape.

And if you want to move on, it’s worth you having a plan too. Ideally try to find another job to move on to. But if the situation is such that you know you need to get out, it helps to build up as much in savings as you can beforehand.

3. Adding to your crew has benefits.

When Han Solo meets Rey he quickly sees the potential of recruiting her to his crew on the Millennium Falcon.

Now, your Ford Focus might not need a co-pilot. And it probably hasn’t had a compressor installed on the hyperdrive. But, if you add named drivers to your insurance, you might find the annual premium is reduced. Of course, these need to be low-risk drivers, so don’t add on anyone with points on their license or prone to accidents (in the Star Wars world that probably means anyone destined to attack some kind of planet destroying space station).

4. Inheritance can get messy

Kylo Ren gets pretty angry when he sees Finn holding a lightsaber which he claims is his. Now, seeing as it once belonged to not just his Uncle Luke, but also his big bad granddaddy Darth Vader, he might have a point. But without a will, who’s to say?

And even though he’s estranged from parents Leia and Han, will he be challenging the seeming bequeath of the Millennium Falcon to Rey (surely it should have gone to Chewie?)?

If you want to avoid family fall-outs when you die, you really should get in writing what you want to happen to your money and belongings. Without one, your wishes might not be respected. It’s even more important if you are cohabiting but not married or in a civil partnership, as your partner’s rights are greatly reduced.

British summertime has ended and we’re plunged into darkness again by late afternoon. But what else happens each year when the clocks go back? There are definite trends to watch every November – and being aware of them could save you money and keep your family safe as well.

Burglaries peak in November, with Bonfire Night being the worst night of the year

Insurance company Aviva reports that they get more claims for burglaries in November than any other month. On Bonfire Night, when families go out to enjoy the celebrations, burglaries rise by 22%.

Bonfire Night is also among the worst dates of the year for fire claims

So this year on 5 November, check the batteries in your smoke alarms and any other alarms you have around the house. Did you know your insurance may not cover you if your smoke alarms didn’t go off in a fire because you’d forgotten to change the batteries?

And finally, the pre-Christmas sales hit the high street

While there are bargains to be had this time of year, it’s important not to get carried away and buy things you don’t really need or want. Why not visit our Christmas money planner and set a realistic budget for the festive season?

We all love a bargain, and it turns out even families on good incomes like looking for a discount.

In fact, households with incomes over £50,000 a year are more likely to be seen pushing a trolley round a discount supermarket, than those earning less than £15,500, according to market analyst Mintel.

So, what can you do to make sure you’re getting the best deal on your weekly food shop?

Don’t be loyal to your supermarket

Loyalty doesn’t pay, but the good news is in most towns you’re not limited to just one supermarket or shop.

Discount supermarkets are a great place to start, but even shopping around the big-name stores can help you save a few pounds on everyday essentials.

Don’t assume deals are good value

In our hunt for a bargain, it’s easy to get distracted by the special offers and buy-one-get-one-free deals.

But those colourful stickers on the shelves are designed to make you think you’re getting a good price, when it might not be as good as you think.

Make sure you check the cost by size, which should be on the shelf label. This will tell you how much something costs per gram or millilitre. Compare this price to the cheaper brands to be sure you’re getting the best price.

Buy what you need, not what’s run out

Just because you’ve run out of something does not mean you have to run out and buy it again.

Ask yourself, do you actually need the item or could you just as easily live without it? Even better, make sure you use up what you already have, before heading to the supermarket to stock up.

This way, you’ll not only spend less on your food shop, but also waste less.

Take a list with you

Supermarkets are designed to get you spending. Popular products positioned at eye level, attractive displays at the end of aisles, impulse buys next to the till – all there to get you to spend more money.

The easiest way around this is to make a list of the things you need before heading to the shop, and then sticking to it when you’re doing your shopping.

Planning meals so you don’t need to do top-up shops and not hitting the supermarket when you’re hungry are also simple ways to spend less.

Who already has a price cap?

About three million households across the UK already benefit from an energy price cap.

Homes with pre-pay energy meters will see bills for the next year going down by an average of £19.

This latest price cap for pre-pay meters came into force on 1 October, and built on the original price cap introduced in April.

Who will benefit from a cap?

Along with people on pre-pay energy meters, one million vulnerable consumers on the Warm Home Discount will benefit from an energy price cap from February 2018.

According to energy regulator Ofgem, this will see an extra £120 knocked off annual fuel bills. This is on top of the £140 discount for winter energy payments people on the Warm Home Discount already receive.

Reduce

Brits spend £2.2 billion a year on unnecessary heating, according to research by Direct Line. That’s more than £80 per household!

So, if you want to knock some money off your next gas and electricity bill, just be careful about when you turn the heating on, and, if you’re feeling a bit chilly, put on a jumper before putting on the radiator.

Guilty borrowing, ethical investing, saying goodbye to an old friend and a very troubling price increase. All this and more in our weekly money and personal finance news round-up.

1. Guilty borrowing

Have you ever borrowed money from the Bank of Mum and Dad? If you have, there’s a good chance you feel guilty about it, say Yorkshire Building Society. Research found two thirds of 18 to 40-year-olds felt pangs of remorse when using their parent’s money to purchase their first home.

2. Bye to the round pound

You have just under a week left to spend your remaining round pound coins. Sunday 15 October is the last date to spend them in shops, but you will still be able to deposit them in banks and the Post Office after that date.

3. Junior investing

Many parents and grandparents are missing out on better returns for their children by not investing in stocks and shares Junior ISA. Research by financial services company OneFamily, found 90% are not using the savings product, but are taking low interest rates on standard savings accounts.

4. Missing out

Millions are not paying into workplace pensions because they earn under the £10,000 a year threshold, according to the Trades Union Congress (TUC). Around nine million people across low-paid industries including agriculture, hospitality and the arts are missing out on automatic enrolment.

5. Capping the price

The energy price cap is back on the agenda, following last week’s Conservative party conference. According to ministers, the energy market regulator Ofgem could receive legal backing to introduce a price cap this winter.

6. Ethical savings

The younger generation are more likely to want their pension pot invested ethically. A poll by YouGov, found 13% of 18 to 34-year-olds wanted their retirement savings invested responsibly, compared to just 6% of 45 to 54-year-olds.

And finally…

Bad news everyone. The price of Netflix is going up. The streaming service will increase subscription charges by 50p for standard packages, and £1 for premium subscriptions starting immediately. The price of basic subscriptions will not change.

2. Going up

Prices are rising by their highest level in more than five years, with inflation reaching 2.9% in August. Clothing and petrol price increases accounted for the 0.3% increase on July’s inflation figure.

3. Unsafe students

Burglars are targeting student accommodation, with an estimated £25 million pinched in the last three years. Research by Direct Line found technology like laptops, smartphones and were the most commonly stolen items.

4. Fear of going cashless

Young people are happier with the idea of going cashless, but other generations are less keen, according to analysis by Mintel. Just one in three Brits are happy with ditching coins and notes for cards and smartphones.

5. In the dark

For many, it’s an essential like water and electricity, but consumers are in the dark over broadband contracts, according to Comparethemarket.com. A third don’t know when their contract ends and over half don’t know what speeds they are supposed to be receiving.

And finally…

The date for the next Budget has been announced. Chancellor Philip Hammond will set out the government’s plans on Wednesday 22 November and you can join the Money Advice Service for extensive coverage on the day.

Toilet rolls, chocolate and fruit juice are all items that have got smaller but still cost the same.

It’s been well documented that rising inflation is making the cost of the food and drink you buy more expensive. But that’s not the only thing causing you to spend more at the supermarket.

New analysis from the Office of National Statistics (ONS) has looked at shrinkflation, where packets are getting smaller but prices remain the same. The ONS follow the price of certain products every month to measure inflation - so variations in weight are important to track price changes.

On the whole the smaller sizes didn’t cause inflation to rise, despite a bigger impact on the price of items in the “Sugar, Jam, Syrups, Chocolate and Confectionary” category.

However, they did find there were 2,529 products smaller now than they were five years ago. The obvious frustration for shoppers when this happens is that you’re getting less for the same price. And in most cases that’ll mean having to buy more to get the amount you need.

Manufacturers have blamed increased costs for the changes, though the ONS didn’t find any evidence that this is the case, especially since many of the product shrinkage occurred before the recent falls in the value of the pound.

How to not get caught out by shrinkflation

The changes are often quite subtle. Packaging often remains the same size or very similar, even if there’s less inside than before. This means if you buy the same products on most shops, you might not notice the change. The only way to do this is by checking the weight or volume on the pack, or the quantity of individual items in the box.

However, it’s not always easy to see. For example, consumer group Which? found some big brand loo rolls had between 8% and 14% less sheets – not something you can tell just from looking.

If your regular item has shrunk, you might get a better deal by switching brand, or changing to a different sized pack. In order to properly compare two products take a look on the supermarket shelf for Price Per Unit. This will say something like £1 for 1Kg, 50p for 500ml or 12p per item. And it should even say how many sheets of paper are on a toilet roll.

These numbers help you easily compare different size packs. Do watch out for similar items having slightly different measures. For example you might see one item price in grams, and a similar item in kilograms. When this happens, move the decimal point across to get numbers you can compare.

Do you think you live in an expensive area? Well now you'll be able to see if you really do pay more than friends and family elsewhere in the UK.

The annual Office of National Statistics (ONS) Family Spending report has just released the figures for what we all spent each week in 2014. Unsurprisingly people living in London and the South East spend more than the rest of the country, but in some categories the spend isn't too different wherever you live.

Accidents do happen, and a new list reveals it's carpets and mobile phones that are most likely to bear the brunt, And whether that’s some shades that have been sat on or a glass of wine knocked onto a light sofa it can prove costly if you need to repair or replace what’s been damaged.

The full list is quite a mix, though with each it’s easy to see how clumsiness could result in the need to make a claim. The top 10, compiled by Insurance company Churchill includes computers, glasses and arm chairs.

The top 10 most commonly damaged items in 2016

Carpets

Mobile phones

Computers

Televisions

Small electrical equipment (eg hairdryers, toasters, coffee machines)

Eye wear (eg sunglasses, glasses, contact lenses)

Hard furnishings (eg tables, kitchen cabinets, drawers)

Sofa, armchairs

Jewellery

Cameras

Source: Churchill Insurance, July 2017

The average size of a claim gives an idea of how much it costs to get items fixed. In many cases it’s as high as £600. The most expensive items by claim were sofas and armchairs, followed by watches, laminate flooring, fishing equipment and jewellery.

Should you get home insurance?

The question you really need to ask is whether you can afford to replace things if they get damaged, lost or stolen. If the answer is no, then contents insurance will cover anything in your home which isn’t part of the structure.

Things like built in kitchens or bathrooms usually come under buildings insurance, which is only something you need if you own a property.

You should check if specific valuables or accidental damage are excluded as standard – you might need to pay extra for the cover.

How to get the best deal on your home insurance

Prices can vary widely, and cheaper doesn’t necessarily mean best for you. Here are our top tips for getting the best deal on your home insurance:

Shop around

Use comparison sites to get an idea of different prices. You can also use a broker to help find the one that best suits you.

Check you are getting the cover you need

Some things – such as accidental cover – aren’t always included as standard. So make sure the policy covers the kind of things you might claim for, such as red wine on the carpet!

Make sure it’s the right level

Underinsure and you’ll pay less – but you won’t be fully covered. Over-insure, particularly on buildings, and you’ll be paying far too much.

Buy contents and home together

You often get a discount for buying them at the same time through the same company. It’s also worth seeing if you can get money off through your mortgage provider or bank.

Don’t auto-renew

As with all insurance, you’re unlikely to be getting a good deal if you let your policy roll over. Shop around, see what deals are around then see if your provider can match – or even beat – the competition. If not, take your business elsewhere.

The key to a successful financial future, as with many things in life, is planning.

This week the Chartered Institute of Securities and Investment (CISI) launched its Financial Planning Week 2017, aiming to help people improve their financial fitness and highlight the importance of financial planning.

So, with this in mind, we’re taking a look at why and when you should be speaking to a professional financial adviser.

Why should I plan?

Whatever your financial goals, planning is essential part of reaching them. This is particularly true when it comes to long-term plans like pensions and investing.

Coming up with a household budget, or working out how much you can put into a savings accounts each month might not require professional advice, but there are a lot of areas where seeking help is a good idea.

Financial advisers can assist you with anything from general financial planning and investment advice to specialist guidance on products like pensions.

What are the benefits of getting advice?

Most of us have little or no financial training and trying to understand the jargon makes us even more confused.

There is also the issue of time. How long are you really prepared to go through all of the terms and conditions of financial products?

A financial adviser is not only a professional who understands what they’re talking about, but also has the time to compare a range of options you simply wouldn’t be able to. All this means you get a suitable product, tailored to your needs.

You also get greater protection, as if something goes wrong after you sort advice you could have a case for mis-selling.

When should I talk to a financial adviser?

For most low-risk financial products, such as a savings account, you can make a very informed decision by shopping around and using comparison sites.

For anything involving a lot of money, or which is much more long-term, like investments or a private pension, you should be getting professional advice before buying.

Insurance and mortgages fall somewhere in the middle. You can make a very informed decision by looking at what is on offer and on comparison sites. But, there are also specialist mortgage and insurance brokers, who might be able to get you a better deal.

More than a third (37%) of UK adults have regretted buying online on impulse, and that number jumps to more than half (55%) for people who’ve experienced mental health problems, something the Money and Mental Health Policy Institute says isn’t a coincidence.

Part of the problem is we can now shop at any time of the day. Barclays found one in three of us shop at night – fuelling the so-called ‘Vampire Economy’.

With traditional barriers to spending such as 9-5 opening hours removed, it’s much easier for people to spend money they don’t have, particularly if they use shopping as a boost or reward.

Stopping impluse shopping can help your mental health

In this guest blog, Polly Mackenzie from the Money and Mental Health Policy Institute shares more of its research, and reveals some new technology to help people avoid the temptation of impulse shopping.

Have you ever bought something on the internet on impulse, only to regret it later? You're not alone. One in three of us have done this - and one in 10 find themselves doing it all the time.

Some people find they make impulse mistakes late at night, when they can't sleep or have had a few drinks. Others tell us they get distracted at work by the deals in their inbox, and end up spending more than they want because they've got to buy quickly before the boss notices.

Impulse shopping mistakes can be small, and relatively harmless. It might just mean a bit less money for your savings, a few cut backs to make it to the end of the month, or just too much stuff at home to fit into the cupboards.

But for hundreds of thousands of people - especially those with mental health problems - impulse mistakes can be a real addiction, causing debt, financial chaos and even bankruptcy. Around 2.7 million people are struggling with the twin burden of mental health and debt problems at any one time.

Returning goods doesn’t work for everyone

Of course, you have the right to return products you’ve bought online: 14 days to tell the shop you want to send the product back and 14 more days to get it back to them.

But the truth is it can be hard to send things back: the postage costs can be high, there are sometimes complicated forms to fill out, and if you’re unwell even getting to the post office can feel too difficult. No wonder three quarters of people we spoke to in our research told us they didn’t send back their last online shopping mistake.

Stopping impulse shopping

We’ve created a new tool to help beat impulse mistakes and keep you on track with your financial goals. It makes sure the shops only open when you want them to - when you’re in the right frame of mind to make good decisions

It's called the Shopper Stopper. It's a tiny programme you can install in your internet browser that lets you set the opening hours for the online shops. We've built it to help the millions of people who spend more than they want, or can afford, because it's just so easy to spend online these days.

You can use it to close the shops in the evening or overnight or prevent shopping during your lunch hour or tea break.

A second round of petrol price wars, underestimating the cost of moving house and saying goodbye to an old friend. All this and more in our weekly news round-up.

1. End of the paper fiver

The new polymer fivers came into circulation in September last year, but it is now time to officially say goodbye to the paper one. From midnight tonight you will no longer be able to use the old paper £5 note.

2. Cost of moving

A staggering two out of three would-be home buyers underestimate the cost of moving, according to the Post Office. The average cost of moving, including legal fees, Stamp Duty and other costs, is nearly £9,500, roughly £2,000 more than people budget for.

3. Petrol price wars

Supermarkets are going to war over petrol prices again, with some of the big name stores cutting 2p from a litre of diesel and 1p off petrol. This is the second time this year supermarkets have cut fuel prices.

5. Largest mortgage lenders

The Bank of Mum and Dad is now the tenth largest mortgage lender in the UK, on a par with Yorkshire Building Society, according to Legal and General. It’s estimated more than one in four property transactions this year will involve money from parents.

Can I still use them?

Banks are still accepting the old fiver, so while shops can legally refuse them as payment, some might still take them over the weekend. However, by Monday you will struggle to find anywhere accepting them.

What shall I do with them?

You have two choices. Either spend them before midnight on Friday or take them to your bank.

Banks will allow you to deposit them in your account or exchange them for a new fiver for at least a few months.

You can also take or post old notes to the Bank of England on Threadneedle Street and get them replaced.

What will happen to the old fivers?

They will be shredded and turned into compost, according to the Bank of England.

What about the old £1 coins?

It’s not just our paper money that’s changing. At the end of March the new 12-sided £1 coin came into circulation, but there’s no need to panic. Old, round £1 coins will continue to be legal tender until 15 October this year.

Elections might have dominated the week's headlines, but it’s been a busy week in money news. So, take a minute to catch up on the big personal finance news.

1. By the seaside

Young professionals like to live beside the seaside and are willing to pay £71,000 more for the privilege. Hove, on the south coast, tops the research by Lloyds Bank, with neighbouring Brighton also in the top ten.

2. Expensive hand-me-down

Grandparents are set to pass on £400 billion to the younger generations, according to Royal London. While the 45 to 64 year-old generation looks set to benefit, many elderly people will skip their children and pass the money directly to the grandkids.

3. Relying on the State Pension

More than a million pensioners are relying on just the State Pension in retirement, figures from the Department of Work and Pensions suggest. In the last six years, the number of retirees with no other income has risen by a quarter.

4. Lacking confidence

Women over 50 are not making the most of their money because they lack the confidence to make financial decisions. According to a new study by Saga, women are less likely to take risks with their money and don’t like entrusting financial organisations with their money.

5. No savings, too much debt

More than 16 million working Brits have less than £100 in savings and over 17 million don’t pay off their credit card balance every month. These are the findings of a Financial Conduct Authority (FCA) study, which concluded more needed to be done to tackle the high-cost credit market.

It never rains, but it pours. Over the last few weeks most of the major energy companies have announced price rises, popular fixed-rate tariffs are coming to an end and, according to a survey by Which?, broadband providers are failing on service, speed and reliability.

But there is no reason you should suffer in silence and accept higher prices, bad service and unreliable internet connections.

Switch and compare

Don’t just stick with your current supplier. Switch regularly to get the best deals and make sure you shop around using comparison sites.

The best deals are often only available to new customers, but normally only last for the first year, so make sure you know when your current deal comes to an end.

Pay for what you need

When it comes to broadband, particularly with the large providers, there are normally lots of add-ons like landline phone or TV packages. These might look great and be cheaper than getting them separately – but do you really need them? After all, they can add a lot to your monthly bill.

If you’re out at work most of the day, do you also need unlimited broadband, or would a limited package meet your needs and be cheaper?

Read customer reviews

Customer service is a big issue for many people when it comes to broadband and energy suppliers.

Get online and check out their customer reviews to make sure you’re not switching to a company with a bad record.

If you’re house hunting the main numbers you probably think about are the house price and monthly mortgage payments. If they seem affordable then the property might be the one for you. But there’s more you need to consider which could considerably increase the cost of buying a home.

Here are the eight main costs you need to factor in before you can work out if you can afford to buy. Even if you don’t get charged the highest figure on each, you could easily be looking at an extra £2,000 to £4,000 on top of the deposit and Stamp Duty.

1. Stamp Duty

Stamp Duty is a government tax on properties over £125,001. This is going to be one of the biggest extra charges, and for most will total in the thousands of pounds.

How much you pay is tiered depending on the house price.

0% on the first £125,000

2% on the next £125,000

5% on the next £675,000

10% on the next £575,000

12% on anything more

If you are buying a second home then there’s an extra 3% on each band.

2. Mortgage fees

This fee has a few different names - arrangement fee, booking fee and mortgage fee are all common ones. This is the price you pay to the lender to have their mortgage. This can range between £99 and £2,000.

Low interest rates can sometimes come with higher fees, so work out the total cost of the mortgage to get a true comparison.

3. Valuation fees

Here the mortgage lender checks the property is really worth what you’re planning to spend. This is commonly between £150 to £1,500.

4. Survey fee

You also need to check everything is ok with the property. It’ll cost between £250 and £600. The more expensive the survey, the more thorough it’ll normally be, so it could be worth paying more to make sure there aren’t hidden problems waiting for you when you move in.

If you’re not already a saver, getting started might be a little daunting. So this video and article will hopefully give you the motivation you need to begin putting money away - and keep doing it.

1. Name your goal

Rather than just having general savings, it can really help to have a savings goal. People who name their goal are more likely to reach their target and keep going.

So what are you saving for? It could be something big like your first home, perhaps the arrival of a baby, or you want to get a new car.

Or it can be something smaller. Is it Christmas? Your holiday in the summer? Even just a new coat? You can think more abstract too. Perhaps your goal could be saving for a rainy day? You can of course have more than one goal.

Sometimes people like to find a photo that represents their goal and stick it somewhere they’ll see it everyday. This can help remind them why they are saving.

2. Find the money

Now you’ve identified what you’re saving for, you need to start. Work out how much you can afford to save, or how much you need to save to reach your goal.

So if you want to get £1,000 within a year, you’ll need to save just over £83 a month.

You might be able to do this without cutting back, but if not building a budget to get a real sense of your finances will help. With a budget you can look for areas you’re possibly overspending, or see where you could perhaps cut back to you’ve cash to save instead.

3. Make it a habit

It’s all very well setting a goal and identifying the money you’re going to save, but to quickly reach your target you need to think of your savings pot as a something separate to your spending money. If you keep the savings in your everyday current account with your other funds you might accidentally dip into it.

Instead look for a separate account - this could be another current account or a regular saver account to get the best interest rates - and set up a standing order to move the money every month.

With this fixed amount leaving on a regular basis you’ll quickly get into a savings habit.

Alternatively if you want to visually measure your progress and keep motivated, you could keep your money in a jam jar at home - though you won’t be gaining any interest on this cash.

4. Check your progress

Every few months it’s worth checking your progress. Make sure you’re keeping to target, but also review if your savings goal is the same. There’s no harm changing what you’re saving for, reducing or increasing the amount you want to save, or even add in new goals.

Plus, make sure the money is working harder for you but checking the interest rate you’re getting on your savings. If it’s low, think about moving the money elsewhere to get a better rate.

It's the Easter weekend and we’re all dreaming of long sunny days, cold drinks and barbecues. In reality, we’ll be huddling under umbrellas or stuck in traffic jams. So why not just have a sit down and catch up with this week’s money news instead.

1. Easter spending

Brits are expected to spend £1.7billion over the long weekend, as more people opt for an Easter staycation. More than 6.5 million people are expected to take a break in the UK, according to VisitEngland, up 10% on last year.

2. On the up

Car insurance premiums went up by an average of £110 last year, according to Confused.com. Newer vehicles, with complex electronics, sensors and cameras, have been the hardest hit as repairs and replacements are so expensive.

4. Introducing the new bond

There was some rare good news for savers this week, with the launch of the new Savings Bond from National Savings and Investments (NS&I). The new savings account offers a fixed interest rate for three years, but is it right for you?

5. Not flying the nest

Parents don’t expect their children to leave home until they’re 25. The research from GoCompare.com also found one in five parents think their children have a better chance of inheriting a home than buying one.

And finally…

We headed back to the pub in 2016. Brits spent a record £24bn on drinks in bars and restaurants last year, £400m more than in 2015. A taste from premium wine, beers and spirits is driving this trend, according to consultancy CGA Strategy.

You can move to a different bank in just seven working days – and be better off as a result.

Many people have been with the same bank since they first opened it, and that means there’s a good chance they’re not on the best deal for them.

With Easter weekend and the two May bank holidays all very close together this year, the banks are going to be closed for four extra days in the next eight weeks. Of course, you’ll likely get those days off too – but while the banks are snoozing, you should be looking to see if there’s a better deal for you.

Easy bank switching

It’s really easy to move your current account across to a new bank. Most high street banks are signed up to the Current Account Switching Service, and this scheme guarantees your balance and all payments in and out of your old account will be moved. Plus, any payments someone makes to your old account within the next three years will also be moved over.

It’s free to use and your money will be transferred within seven working days.

However, you will have to close your old account if you wish to use the switching service.

What to look for in a new bank account

Do you choose a bank that’s close to where you live? Perhaps you can make your money work harder for you elsewhere? There are a few different things to consider before you switch.

Can you pay less in charges?

If you’re often going into your overdraft, approved or not, you might be paying for the privilege. If this is the case, find out if another bank charges less or even offers an interest free overdraft.

Can you get better interest rates?

The best interest rates on cash savings are all within current accounts. Some banks will even give you up to 5% interest. However, there are often restrictions in place to get the interest, such as having a certain amount paid in every month, or a limit to how much you can save and get the interest.

Some accounts will also give you access to exclusive regular savings accounts, again offering as much as 5% interest.

Can you get money back on bills?

Some banks will give you cashback on Direct Debits paid from your account on the likes of Council Tax, energy bills and broadband. However, they all come with a fee so make sure you’ll earn enough cashback to justify it.

Can you get any extras included?

Other fees to think about are those charged on packaged accounts. You might pay a monthly fee for travel insurance or breakdown cover. It’s worth looking to see if it’s cheaper like this or cheaper buying separately.

Can you get a switching bonus?

One way banks are trying to get you to switch is to offer a cash reward. These payments can be as high as £150, though it’s more likely you’ll get something around £100.

Are there branches near you?

If you think you’ll need to use a bank branch rather than just online banking, take a look at what ones are in your area, and search online to see if there are any plans to close nearby branches.

We all probably wish we were saving more money, but with interest rates so low, you would be forgiven for being put off.

But help could be at hand with a new Savings Bond going on sale today, however, you might not know much about it.

So, here’s six of the most pressing questions about it answered.

1.What is it?

It’s called the Investment Guaranteed Growth Bond (IGGB). In simple terms, it’s a savings account with fixed interest for three years and is being offered by National Savings and Investments, the organisation dealing with Premium Bonds.

6. Should I get one?

If you have between £100 and £3,000 and can afford to tie up this money for three years, then this could be worth considering.

However, it’s not for everyone. If you have no savings buffer to protect you against financial shocks, like an unexpected bill, you might be better off with something allowing you to access your money when you want it.

On 1 April new rules changed how much tax you pay for brand new cars, potentially adding hundreds to the annual bill. But if you have a car registered before that date, you’re not affected.

To help you ensure your car is taxed, we’ve taken a look at some of the recent rule and payment changes.

New VED rules

Vehicle Excise Duty (VED) is the tax you pay on your car, and the rates have all gone up. Now in the first year how much you pay depends on the carbon dioxide emissions of the vehicle.

Then every subsequent year is a flat rate based on the type of fuel used. Electric cars pay nothing, alternative fuels pay £130 a year, while petrol or diesel cars pay £140 a year. And if you have an expensive car with a list price of more than £40,000 you’ll be hit with an extra £310 a year for five years.

Pay no tax on your car for life

The new rules only apply to cars registered after 1 April 2017, so if you buy a nearly new or second hand car you can avoid paying tax on your car for as long as you drive it.

Only cars in “band A” were exempt from VED, and these tend to be smaller vehicles such as Ford Fiestas.

Timing it right

If you’re buying a new car, it’s worth knowing that you pay for the whole month, even if it’s part way through. This means you can’t part pay just for the tax you need and if you buy a car near the end of the month you’ll pay the full whack.

Car tax doesn’t transfer over

When you sell you old car, you also can’t sell it as “taxed”. The new owner will have to shell out for their own VED. And if you’re buying, that means you. You won’t be able to drive the car until it is taxed.

What makes this particularly annoying for drivers is you can’t transfer tax from one car to the next. So it’s very difficult to avoid buying two separate lots of VED. The only way to really avoid this is to sell your old car at the end of the month and wait a few days to buy the new car at the start of the next.

Pointless paper tax disc

It’s been two and a half years since the paper tax disc became obsolete – so if you’ve still got one in your window it’s not serving any purpose. Automatic number plate recognition is used to identify untaxed vehicles and offenders can face fines of up to £1,000.

Renewing your car tax

One of the issues that came up when the discs ceased to be issued is that the visual reminder for drivers to renew disappeared. You should still get a letter in the post reminding you, but it’s worth making a note in your diary.

Alternatively, it’s possible to pay by Direct Debit and have the payment leave your account automatically. Just make sure you’ve enough cash in there for when the money is due.

Checking payments have gone through

Getting a paper disc acted as evidence you’d paid, so check your payment has gone through and there hasn’t been an admin error or payment failure. You can check if your (or any) car is taxed on the Vehicle Enquiry website.

Watch out for email scams

With so much of the VED process now online, don’t get caught out by scammers trying to get you to share car or bank details. All transactions should be completed on GOV.UK to be sure you’re dealing with the DVLA.

Happy New (Financial) Year. Many changes have come into effect and the new lifetime ISA’s now available, but these haven’t been the only things in the money headlines. So take a minute to catch up on the rest of the week’s top personal finance news.

1. New financial year

A new financial year brings big changes to the money world, so find out how they will affect you.

2. Who’s Lisa?

Just one in four 18 to 39 year olds are aware of the new Lifetime ISA, based on research by the Pensions and Lifetime Savings Association. The new tax efficient saver was launched this week, but just three providers will be offering one this month.

3. Claims in Spain

A quarter of travel insurance claims are made for trips to Spain, according to analysis by insurer Direct Line. America and France are the next most common, with 40% of claims being made because of cancellations.

5. Income crisis

Nearly one million homes are in income crisis, according to the Institute of Public Policy Research. An income crisis is defined as not being able to cover two or more essential bills at any one time, including mortgage, rent, utilities and council tax.

6. Charges waived

More help should come from credit card companies to help people struggling with debt, according to proposals from the Financial Services Authority (FCA). In extreme cases this could even see card providers cancelling interest or other charges.

7. Uphill struggle

Generation rent will need to save for an average of 59 years to get on the property ladder. These findings by the Clydesdale and Yorkshire Banks also discovered nearly a quarter of 18 to 40 year olds do not save anything in an average month.

And finally…

The average British commuter will spend £48,000 in their working life getting to and from work, according to a poll by insurer Lexham, with snacks and coffee accounting for a third of this spending. Driving to work was the most stressful way to commute, followed by bus and train. Walking is the least stressful.

A dog-eared copy of the first Superman comic has just sold for a staggering £735,000! You might not have something that valuable hidden under the bed, but you probably have some stuff you don't want but someone else does. So get set to sell them with our step-by-step guide to online auctions.

Snap some photos, pop up your listing, post off your possession and pocket the cash. Job done. Release the clutter from your cupboards, and you could be onto a nice little earner.

Our recipe to sell through online auctions

Stuff you'll need

Computer, tablet or smartphone, to list your items

Camera or smartphone, to take photos

Packaging materials, for anything that needs posting

Scales, to calculate postage costs

Time, to get to the Post Office or courier drop off point

Time it'll take

A few minutes to post online, a few days for the auction to end.

How you'll do it

1. Open an account

First, open an account on an auction site like eBay and put in some contact and payment details. You might be required to link to a PayPal account, which is a bit like a bank account that lets you receive payments easily without handing out your bank details to strangers.

2. Buy if you want to sell

Strange but true: if you want to sell stuff, you need to buy some stuff first. Buyers are reluctant to shell out serious cash to sellers with zero feedback. So start by buying a few cheap and cheerful items. Pay promptly. Leave feedback for the sellers. Wait for them to leave (hopefully glowing) feedback for you.

Never sold on an auction site before? Start small. Don’t charge in with a mega expensive item as your first listing – think cardigans not cars. Build up feedback from successful sales, to get more bidders and higher bids in future.

3. Stomach the costs

You’ll usually pay for the privilege of selling online. You might get a handful of free listings each month but you'll then pay for every item after that. You need to allow for a slice of the selling price AND postage. There are also fees for added extras, like listing in more than one category. Finally, PayPal takes a cut of the final price if your buyer used it to pay.

4. Love your listings

Lavish a bit of time on your listings. Think about the words people will search for when writing your title. Search for similar items, to check the category, title and details they use. Write an accurate description, including the condition, size, colour, any brand names and special features. If it’s brand new, still has tags on, or comes in the original packaging, say so. Make it sound attractive – think “vintage”, rather than “old” or “second hand”. Be honest about any marks or damage. Remember, buyers can ask for their money back if the item isn’t as described.

If in doubt, have a look at what other successful sellers put - you can see the prices paid, and the magic words used to describe their items.

5. Get snap happy

Good photos get better prices. Unleash your inner Mario Testino - clear photos, plain backgrounds and good light. More expensive item? Take pics from several angles. You can usually post some photos for free. Take close ups of any marks or damage mentioned, so bidders know what to expect.

6. Price up the postage

Weigh your item including the packaging, then check costs online. Shop around for parcel delivery – you may well find cheaper options than the post office. Put down the costs of tracked and signed for delivery, if you’re keen to stop dodgy buyers claiming stuff hasn’t arrived. Just don’t try whacking on charges for recorded delivery when you’re only selling a pencil… Bulky items, from tents to treadmills? You can often choose collection in person only, but this will limit the sale to local customers. Quote the cost of a courier, and you’ll get a much wider audience.

7. Start price

Putting a teeny starting price can encourage more people to bid, hoping to bag a bargain. Don’t want your iPhone going for peanuts? Set a higher starting price or bung on a reserve price, and take the hit on a higher fee.

8. Finish time

Lots of bidding can happen at the last minute. Make sure your listing finishes when people are likely to be browsing the web, rather than fast asleep in bed. (Think 7pm to 9pm mid-week and Sunday evenings). Longer auctions mean more people see your stuff. You get a choice of a few days to more than a week, so opt for longer periods for more chance of your unwanted Snuffle Bunny getting a good price.

If you’d like your auction to start at a particular time and date and then finish at a busier time likely to attract last minute bids, click on “schedule start time”.

9. Rapid response

If you get any questions, answer promptly. Add the Q&A to the end of your listing, if you think other potential bidders might want to know too. Then keep your fingers crossed that the bids will pile in at the last minute, and push up the price. Sometimes they do, sometimes they don’t.

10. Prompt delivery

Auction over? Wait for the payment to be confirmed. Send an invoice including the postage cost if you need to chase it. Make sure your item is packaged safely and securely, and get it posted off quickly, within a day or two. Cover your back: put a return address on the outside of the packaging, and ask for proof of postage. Then let the buyer know the item is on its way, send a tracking number if you have one and leave feedback for the buyer.

Always post your item to the address listed on PayPal. Ignore any demands to send stuff to friends or family elsewhere. Stick to the official address, or you won’t be covered by eBay’s seller protection.

Broadband and TV bills can take a big bite out of the family budget. With another price rise announced for this autumn by one of the big suppliers, we’ve taken a look at how you can keep surfing and watching, but pay less!

Offers end, prices go up, extras get added. The monthly bills get bigger. A full whack TV subscription can set you back more than £1,000 over the whole contract.

The average household can save £69 on broadband alone by switching when their contract ends, uSwitch estimates. And by bundling telecoms together, you can save even more, maybe hundreds.

But switching and bundling aren’t the only ways to pay less. Here are our 10 ways to bring down the cost of broadband and TV.

Know your broadband limits

Smart surfers don’t pay for more than they need. Ask your provider about your usage.

If you’re a light user, ask to downgrade to a cheaper, capped service.

If the whole household are heavy users, moving up to unlimited broadband could actually save money.

The need for speed?

Fibre broadband: superfast, snazzy and…expensive. Don’t pay if you won’t benefit. You’ll only really notice the difference if the whole household piles onto broadband at the same time, downloading loads of films and video gaming online.

Get faster broadband without paying for it

Suffering from sluggish connection speeds? Try some tricks to speed it up before splashing out on a superfast connection. Use up-to-date software, upgrade your router, keep the router switched on and put a password on your wi-fi connection to stop other people using it. If you use a desktop computer, connect to your router with an Ethernet cable rather than a wireless connection.

Pay upfront

With most internet connections you still need to have a landline, and if you’ve got the spare cash, it’s usually cheaper to pay a lump sum for a whole year’s line rental, plus you’ll end up with lower monthly payments. Weigh up the benefit against being tied to your provider for another year.

Set up a direct debit

Paying by direct debit, rather than waiting until after your bill arrives, can bring a discount of around £5 a month.

Just keep an eye on your bills to check you’re not running up a big credit or debit.

Back to basics

Remember, most providers make their money by selling expensive extras. The basic package is temptingly cheap. But then come all the add-ons. Premium channels for your TV package. Faster speeds and unlimited usage for your broadband. Extra costs to call mobiles from your landline.

Don’t pay for stuff you don’t use. Ask to ditch any extras you don’t want.

Haggle with your current company

New customers seem to get showered with all the offers and freebies, but even existing customers can ask for a better deal. Get on the phone, say you’re planning to leave. See what your current supplier will offer to persuade you to stick around.

Collect any cashback

Stop before you switch to check if you can claim any cashback. Whether you want to switch via a comparison website or by going direct to the supplier, you could get decent dosh by clicking on a cashback website first.

Cash in on your current account

Did you know that some current accounts will pay your cashback on your TV, home phone, mobile and broadband bills? Just check your broadband or TV supplier is included.

Budget for a big commitment

Contracts for TV, broadband and phone can stretch for two years, but special offers often run out after six months. Think before you sign up. Will you be able to afford the payments when the deals are done? You could face painful termination fees if you have to abandon your contract early.

A water meter means you only pay for the water you use. So that could mean significant savings for your household, or bigger bills – which of course you want to avoid at all costs.

If you don’t have a water meter, you pay a fixed price for your water. It doesn’t matter how much water you use, your bill won’t change. Instead, the bill is based on the “rateable value” of your home - aka, how fancy it is.

Some people pay less with a meter, some don’t. It all depends on your own situation.

Live alone, as a couple or small family, in a valuable home? Bingo! You might well save money with a meter.

Shedloads of kids in a small space? Dishwasher/washing machine/shower/garden sprinkler on all the time? Watch out. A meter might be more expensive.

Here’s our quick step-by-step guide to help you work out what’s best for you and your home.

How to switch to a water meter

You'll need to know who provides your water, which can be found on your water bill.

Check if a meter might be cheaper

First, check if a meter might be cheaper.

Dig out your bill, then contact your supplier or bung some figures into the Water Meter Calculator helpfully provided by the Consumer Council for Water.

As a rule of thumb, if there are fewer people living in your home than bedrooms, you should save money with a water meter

Get a meter fitted for free

Good news if you live in England or Wales - you can get a meter fitted for free.

Contact your water company to see if you would save, then fill in a quick application form by phone, post or online.

Sorry Scotland – you may need to pay £300 plus for installation costs.

Expect a survey

The water company will show up to see if it is possible to fit a meter. If so, it should fit it within three months.

Your water company will choose where to put the meter, whether inside or outside your home. Want it somewhere else? You may face paying for the privilege.

Switch back if your bills are bigger

Disaster! You asked for a water meter but your bills got bigger. Don’t worry – you can switch back to unmetered billing. Just make sure you ask your water company within the first year. It won’t take the meter away, but it will change your bills back.

Beware: if you move into a house that already has a meter, you’re stuck with it.

Refused a meter? Ask for assessed charges

Even if you ask for a water meter you may not get one. Your water company may say it’s too difficult or too expensive, if for example you have a shared water supply or your pipework isn’t suitable.

If you apply and get refused, ask if you would pay less with an “Assessed Charge”.

Assessed charges are based on the average bills paid by people with meters, so check if it would be cheaper. Remember, you can only ask for an assessed charge if you applied for a meter and got turned down.

Rent your home? Ask anyway.

If your name’s on the water bills, you can ask for a water meter even if you rent your home and don’t own it.

Officially, you only need to ask permission from your landlord if you have a short contract (in officialeese: a fixed-term tenancy agreement of less than six months). But it’s probably a good idea to ask permission anyway, however long your tenancy is.

A brand new type of ISA is now available to help you save for your first home or retirement. Here’s how the Lifetime ISA, or LISA, is going to work.

What is the LISA?

Simply it’s a new kind of Individual Savings Account (ISA). With ISAs, any interest you earn is tax-free, so they can be a good place to put your money. The big difference with the LISA is you’ll also get a huge 25% bonus on the money you put in – if you use it to buy your first home or your retirement.

How much can you save in a LISA?

Every tax year (April to March) you can save £4,000. You’ll get the first 25% bonus paid on the money saved in April 2018, and after that it’ll be paid monthly. So if you invest the max each year you could make an extra £1,000 a year. You’ll also get any additional interest the account offers.

Who can get a LISA and how?

First you need to be under 40 years old to open a LISA. You also need to be over 18 years old and a UK resident (though “Crown servants” can also get one). Once you’ve got one you can keep paying into it until you are 50 years old.

However, there aren’t many banks who have made a LISA available for customers on launch. Those that are on the market are all Stocks and Shares LISAs, meaning the value of the money you put in could go down. The first Cash LISAs are expected in the summer.

How to use a LISA to buy your first home

It’s pretty similar to the Help to Buy ISA, but the main difference is you can use your savings on properties worth up to £450,000 anywhere in the UK, not just London.

If you are buying with someone else and it’s also their first property, then you can both get a LISA and use the bigger bonus, though still with a property cap of £450,000.

Help to Buy ISAs do have advantages in the short term at least. You can use them when you buy within just a few months, while you can’t use a Lifetime ISA until you’ve had it for 12 months.

You also need to live in the home you buy with a LISA bonus, which rules out buy-to-let or holiday homes.

If you’ve already got a Help to Buy ISA you’ll be able to transfer the savings over to a LISA.

How to use a LISA to save for retirement

If you don’t use the savings to buy a home (or even if you do), you can keep saving until you are 50 years old. You can then start using the money and 25% bonus when you are 60, or earlier if you are diagnosed with a terminal illness.

If you need the cash before then, there is a 25% penalty for taking it out, meaning you’ll lose the bonus.

What about other ISAs?

There are now four types of ISA. Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs and the new LISAs. You can pay into one of each of these in the financial year up to an overall limit of £20,000.

The Help to Buy ISA counts as a Cash ISA, so if you have one of those you can’t also pay into another Cash ISA. You can however have a Lifetime ISA.

In the last year, the team at our contact centre has answered nearly 86,000 telephone calls and 30,000 webchats.

They do a terrific job day-to-day dealing with the money worries of the general public, helping on a huge range of topics.

We've taken a look at some recent queries which reflect common issues our team help with. Plus, we've suggested some further reading on the website if you're worried about the same issues as our callers.

I've built up quite a lot of debt…

"Robert" asked“I’ve built up quite a lot of debt and I’m looking for a solution. At the moment my debts are over £10,000, but it’s not going down as I keep having to borrow to pay off the debts. I’d like to get a larger loan to pay-off everything, but my credit score is really bad.”

Debt is a major problem in the UK and conversations like this are not unusual. The most important thing is not to bury your head in the sand. Debt problems are not going to go away and tackling them earlier can make things a lot easier.

I don't know where to start with pensions…

"Harriet" asked “I’m already paying into my workplace pension and I’d like to start paying into a private pension as well, but I don’t know where to start.”

Saving for your retirement is really important, but the State Pension alone is unlikely to be enough. Paying into your workplace pension is a really good place to begin and a sensible starting point for new pension savers. But, it is also worth looking at other pension investments to give your retirement pot a boost.

What benefits can I get?

"Zara" asked “My husband is disabled and I’m his carer. What benefits would I be entitled to?

Looking after a sick or disabled relative can put a real strain on family finances, so it’s important to look at the allowances, credits and other help which might be available to you. You will need to apply for these yourself, so it’s worth talking to an organisation like the charity Turn2Us, who can assist you in this process.

I'm confused about mortgage fees…

"Oscar" asked “I want to buy a house with my wife and I know how much I can afford for a mortgage, but I’m confused about all the extra fees I’m expected to pay.”

If you’re buying a house it’s easy to only think about the deposit and mortgage repayments. But there are a number of other costs and fees which can really add to the price. Stamp Duty’s the most obvious of these, but there are a range of others you need to be aware of.

My bank is closing down…

"Claire" asked “I have a current account with Norwich and Peterborough Building Society and I’ve just found out they’re closing all their accounts. I’d like to know what to do and get some advice on how to choose a new bank account.”

All 100,000 current accounts with Norwich and Peterborough will close on 31 August 2017. The good news is the Current Account Switch Service means you can change bank for free in just seven days. However, before you make the switch, you need to find the right account for you.

When you seek help with debts you should now be getting the same standard of advice wherever you go.

Debt advice works. Two-thirds of people (65%) either started repaying debts or had already paid them off in full within six months of getting debt advice. So, it’s no surprise one of the most common things you’ll hear people say after they’ve got debt advice is ‘I wish I’d done it sooner’.

Still, you might be wary of getting help, especially if you don’t know what to expect. For a start you can be assured you won’t be judged. Plus, the process should be similar no matter where you go for help, largely thanks to a new Standard Financial Statement (SFS) that has been developed by the Money Advice Service.

From the advice provider to each of the companies you owe money, your income and outgoings will soon be considered in the same way through the SFS. So you can also be confident that you’re getting consistent advice and are set on the best course of action to improve your situation.

What to find before you get debt advice

Details of your household spending – what you spend on things like housing costs, food, transport, phone and bills

Financial paperwork including latest bank statement and copies of loan or credit agreements

Details of all your debts, including how much you owe and latest letters or demands for payment

Copy of any court or enforcement action papers

Here’s a run-down of what each type of service offers so you can decide which one is the best for you.

Face-to-face debt advice

You may have a short first interview with an adviser who asks for details about you and your income, outgoings and debts so they can work out what your next steps should be. After that, if you need more help, you may need to arrange further appointments.

Is it for you?

Face-to-face advice can help if you’re feeling vulnerable or could benefit from support to deal with creditors

you just prefer to talk to someone face-to-face

you need help with setting a budget and working out how much you have left to pay your creditors

you’ve got a debt emergency where there may be a risk of losing your home, going to court or bailiffs (sheriff officer in Scotland) are coming.

Face-to-face advisers usually have local links to the council and can often sort out problems with rent or Council Tax arrears by speaking to the right person directly.

You might want to think about another way of getting advice if you find it difficult to get to weekday appointments. Most free debt advice organisations only offer appointments during office hours and some may not be open every day of the week. You may have to take time off work or arrange childcare.

It’s often quicker to get telephone or online advice.

Telephone advice

Most debt advice organisations have telephone advice services. Helplines are available Monday to Saturday and some are open in the evenings.

Your first call is usually a short interview so the adviser can get details of your debts, income and outgoings. You’ll have to give personal details so the adviser can assess your situation. This information is confidential and is never shared without your consent.

After that if you need more advice you can arrange further appointments at a time to suit you.

Is it for you?

Easy access to debt advice, particularly at an early stage when you might be worried about falling into debt or you’ve missed a payment.

Longer opening times than face-to-face advice.

May not be good for emergency debt problems, like court action for debt arrears, particularly if you’re feeling vulnerable or need support. Although if you can’t get to see anyone face-to-face, telephone advisers will be able tell you what your next steps should be and can offer some support.

Online advice

The advantage of online advice is that it is anonymous, and you can get it whenever you want.

The main ways to get online advice are through:

webchat

specialist online debt advice tools.

Webchat is often good for asking specific questions where you can get a quick reply. An adviser will also be able to tell you about next steps you can take to get help.

Debt advice tools offer the same service as an adviser. You’ll fill in online questions about your income, outgoings and your debts. You should set aside around 20 minutes to answer the questions and try to have paperwork to hand so you can give accurate information.

At the end of the session you’ll be given the best ways to deal with your debts and an action plan to support you in taking the next steps. This includes things like template letters for writing to your creditors and deadlines for when you need to do things by. If you’re not sure what you need to do you can use webchat or call the helpline for one-to-one support.

Is it for you?

Yes, if you’re not sure about the best way to tackle your debts and you want to find out quickly and anonymously.

You’re feeling confident about dealing with your debts yourself but could benefit from understanding the process and in what order to do things.

Online or webchat may not be for you if you get a bit flustered about using computers. You may prefer to speak to someone on the phone or face-to-face.

If you’ve got an emergency debt problem, like court action for rent or Council Tax arrears, the tool will recognise that and tell you to act immediately but you might save time if you get an urgent drop-in face-to-face appointment with a local adviser.

Whichever advice route you take

Provide as much detail as you can about situation (see the checklist below). This will help the adviser set up a budget for you and work out an affordable and sustainable repayment plan.

Be open minded. You might have a debt solution in mind but a debt adviser is trained to look at your personal circumstances and suggest the best option for you. It might not be the one you were thinking about.

Don’t give up. Maybe you’ve tried getting one kind of debt advice and it didn’t work out. Think about trying a different method or a different provider and see if that suits you better.

What does the Money Advice Service have to do with free debt advice?

The Money Advice Service is one of the largest funders of free debt advice in the UK. As well as providing funds to make the above services available to all, we also ensure that these services are of the best quality.

Did you know we’re borrowing more on credit cards now than at any point since the financial crash?

It comes with a warning though - if you don’t manage your spending and repayments, it could end up costing you far more than you expect.

As a nation, we’re spending £20million a day on credit cards, with the total owed on plastic a huge £1.44billion, says the Bank of England.

Some people will be managing this borrowing perfectly well – but others could be losing out. Take a look at our five simple credit card tips to work out which group you’re in.

1. Always try to pay off the balance in full every month

There are some advantages to credit cards. Some are designed to allow fee-free spending abroad, while others can earn you cashback or reward points. You also get some handy consumer rights if you pay by credit. These can be good, but only if you pay off the balance in full every month.

Fail to do that and the interest you’ll be charged will be far more than what you gained in the first place. If you can’t do it, don’t use one of these specialist cards.

4. Store cards are credit cards

It’s easy to think of store cards as something different to a credit card, especially as they often come with a big introductory discount to spend in the shop. But they come with the same potential problems as credit cards – and often have even higher interest rates.

So if you can’t follow point one and clear the debt each month, these will probably be even more expensive than a standard credit card.

5. Ask if you really do need to spend on credit card

If you’re out of cash and credit is the only way to afford a purchase, then think carefully about whether it’s worth it. Do you really need it? Can it wait until you’ve saved up?

Paying for essentials like food or bills on credit cards is an early warning sign that you could have problem debt. Carry on like this for more than a few months and the situation could become quite grim – if it’s not already.

The answer in these situations is to seek free debt advice. Here you’ll get some help to look at your financial situation and work out what you should do to get you and your money into a healthier state.

The new 12-sided pound coin officially entered circulation this week. With its new high-tech security features, it has been dominating the money headlines, but I’m still to get one in my change. So in the absence of a shiny new quid, let’s take a look at this week’s other top personal finance news.

1. Have the conversation

We don’t talk to children about money matters early enough, according to new research by the Money Advice Service. Most parents are likely to speak about the subject with their children between the ages of eight and 15, but the research shows this needs to be done much earlier.

2. Helping hand

A third of first-time homebuyers in England need cash or a loan from the Bank of Mum and Dad. A further one in ten rely on inherited wealth to get on the housing ladder, the Social Mobility Commission reports.

3. What’s life without a little risk

You might think as you get older you’ll want to play it safe, but over 50s are opting for a little risk to beat low interest rates, says Saga. The older generation’s also becoming more likely to reinvest earnings to boost investment growth.

4. Mobile savings

Mobile and internet banking is saving us billions in bank charges, according to money transfer service Azimo. Being able to get real-time updates on your bank balance and quick transfers means people can avoid slipping into their overdraft.

5. Costing a fortune

Car owners spend on average more than £5,500 keeping their vehicle on the road over the typical period of ownership. American Express reckons this is just over half of the average purchase price (£11,094), with most people keeping their vehicle for three years, ten months.

And finally…

Price comparison sites bring “substantial benefits” to users, according to the Competition and Market Authority (CMA). Despite their positive impact, more needs to be done to make it clear sites might not cover the whole market, said the regulator.

From Council Tax to getting a filling, you’ll now have to pay more to cover these bills.

The new financial year starts on Thursday, and all week we’ll be sharing some of the big changes that’ll impact you and your wallet. But some changes have already started, with a host of bills increasing on 1 April.

Here’s a rundown on the increases, a few ways you might be able to reduce what you pay, and some tips to help you cover the costs. Plus the one bill that’s going down for some.

Council Tax

Pretty much all Council Tax bills have gone up, with the average increase 4% in England. The average is less in Scotland and Wales at around 3%.

If you live alone you could cut your bill by 25%, while discounts are available if you or someone you live with has a disability or is on a low income. Households where everyone is a full-time student don’t pay Council Tax at all.

Car Tax

If you’re planning on buying a new car, Vehicle Excise Duty changed dramatically on 1 April – but this won’t affect anyone with an existing vehicle.

Now first year rates are based on the carbon dioxide emissions of the vehicles, while ongoing annual charges will be based on the type of fuel used. If your new car has a list price of more than £40,000, you’ll also face an additional £310 charge each year.

Going down: Prepayment energy bills

If you pay for your energy by prepayment meter, a new cap will limit how much you pay each month. It’s estimated this will save around £80 a year. However, it’ll still be cheaper by around £220 to move to a standard meter if you can.

You’ll get to keep more of your wages from this week, but could lose out if you are getting certain benefits.

There’s a host of changes coming in as part of the new financial year, and we’re covering a different topic each day on the Your Money Advice blog. Here’s what you need to know about changes to your earnings or benefits.

Your pay

National Living Wage

The National Living Wage for those over 25 years old has increased to £7.50 an hour, up by around 4%.

The National Minimum Wage for those between 21 and 24 has gone up to £7.05. The rate for 18-20 year olds is £5.60 an hour, for 16-17 year olds it’s £4.05 and apprentices under 19 or in the first year of their apprenticeship now get at least £3.50.

Income tax thresholds

You’ll be able to earn £500 more before you start to pay income tax, as the threshold at which you start paying it goes up from £11,000 to £11,500 a year.This’ll give you an extra £100 to take home in your pay packet.

The amount you can earn before 40% tax kicks in also increases. Now it’s only earnings above £45,000 a year that’ll get taxed at the higher rate, potentially giving you an extra £400 a year.

However, in Scotland the higher rate level remains at £43,000.

Your benefits

Freeze on benefits payments

For the second year many working-age benefits payments will stay the same. This means they won’t go up, effectively reducing how you can afford to spend since inflation is currently at 2.3%. The freeze will last for another two years.

Universal Credit

Anyone on Universal Credit (UC) and working will be able to keep slightly more of their earnings. The UC taper rate, which gradually reduces the amount of UC you get as your earnings increase, goes up by 2p. This means you can keep 37p for every £1 you earn, rather than 35p.

Child Tax Credit

Parents won’t be able to claim the family element of Child Tax Credit if your first child is born after 6 April 2017. This could be worth £545 a year.

You also won’t get any more Child Tax Credit if you have a third child from Thursday as it’s now only paid on the first two children in any family.

This won’t affect you if you’re already claiming for more than two kids. However, if you stop receiving Tax Credits for more than six months and apply again, you’ll only be able to claim for two children.

There are some exceptions to this rule. If you have multiple births such as twins or triplets, you’ll be able to claim for all the children.

Housing Benefit

As of 1 April, young people aged between 18-21 on Jobseeker’s Allowance won’t be able to claim Housing Benefit.

There will be a few exceptions, including young parents with dependent children, some disability benefit claimants and apprentices.

Employment and Support Allowance (ESA)

Anyone making a new claim for ESA and put in or moved to the Work Related Activity Group (WRAG), will get £29.05 less a week as they are no longer entitled to claim this payment. This includes anyone who stops claiming for 12 weeks or more and is reapplying. The payment of £73.10 will be the same as Jobseeker’s Allowance.

The new financial year sees major changes to how much you might need to pay in fees to sort out the estate of someone who dies and what you’ll get if your wife, husband or civil partner passes away.

** Update: Due to the general election, the proposed changes to probate are yet to happen **

There’s a host of changes coming in as part of the new financial year, and we’re covering a different topic each day on the Your Money Advice blog. Here’s what you need to know about changes to probate fees and bereavement payments.

Changes to bereavement benefit payments

If your wife, husband or civil partner dies, you may be entitled to bereavement payments if they paid enough National Insurance Contributions when they were alive.

The new Bereavement Support Payment (coming into effect on 6 April) will be paid at one of two rates, depending on whether you’re pregnant or have children who depend on you.

Bereaved families with children will get a lump sum payment of £3,500 (up from £2,000), but regular payments will be cut from a maximum of £113.70 a week until the youngest child leaves full-time education, to a flat rate of £350 a month for 18 months. After then, payments will stop.

It’s important to remember these claims can be back-dated three months. So if you’re claiming for a death on or before 5 April this year, you will get the old rate if you claim within the three-month deadline.

Everyone else will get a £2,500 lump sum and a £100 monthly payment for 18 months. After then payments will stop.

Changes to probate fees

In May, the flat-rate fees for probate might be replaced by a sliding scale, based on how much the estate (total value of possessions, savings and property of the person who died) is worth.

Currently, a £215 fee is applied if you apply for probate and you’ll pay £155 if a solicitor completes the process.

Under the proposed changes, there’ll be no fee to pay on estates worth less than £50,000 (which accounts for around six out of ten estates, while those worth between £50,000 and £300,000 will incur a slightly higher £300 fee. But any estate valued over £300,000 will see fees rise significantly, ranging from £1,000 to £20,000 depending on how much the estate is worth

This is on top of any inheritance tax beneficiaries might owe.

There is little you can do to avoid the new fees. However, if you have your estate valued before your death and set aside money to pay them in an easy-access savings account, this might ease some of the problems.

These changes would only apply to probate in England and Wales. The fees for winding up an estate are different in Scotland and Northern Ireland.

We’re not having the conversation early enough. No, not the one about the birds and the bees. The one about money.

Parents are most likely to talk to their kids about money matters between the ages of eight and 15. But, according to Money Advice Service research, children should be included in money discussions from the age of four.

And, if we don’t start talking about it earlier, millions of young people are set to enter adulthood without the skills needed to manage their money and an increased risk of falling into life-changing debt.

Kirsty Bowman-Vaughan, Children and Young People Expert at the Money Advice Service said “We know that parents might feel as though they’re protecting their children by not talking to them about money, yet helping children to understand how to save and handle money is one of the most important things parents can do to ensure their long-term financial security”.

So what can you do?

Give children the chance to pay for things from an early age, even if it’s just some treats during the weekly shop. This way they’ll learn the value of money and understand when the money’s gone, it’s gone.

Include children in discussions about bills. This will give them an understanding of how household finances work and technical language like direct debits.

Encourage children to set aside some of their pocket money so they can save up for something they really want.

Open a savings account for them and save into it regularly. Make sure you include them in the process, by taking them to the bank branch and letting them know how much is in the account.

Give children the opportunity to handle money and explain to them what it is and how it works.

Let older children manage their money digitally by introducing them to online and mobile banking.

A record number of people buying their first home are relying on money from their parents.

We know it’s tough to get on the housing ladder, but latest figures show just how much things have changed for young people. Only 31% of 25-29 year olds are homeowners, half the number 25 years before.

And those that are buying are doing it later and with the help of their parents. The government’s Social Mobility Commission report also revealed a third of first-time buyers turned to family members for a gift or loan so they could afford a home – the largest ever number.

How parents can help

If your parents are willing to help you out with the mortgage, be clear if it’s a loan or a gift. If you’re borrowing the money from them make sure everyone knows when and how you’ll be paying the money back.

There are some mortgages which have been designed to include contributions from the Bank of Mum and Dad. It’s worth talking to your mortgage advisor about their suitability as they do have some constraints.

And if they want to buy the house with you, you’ll likely need to factor in an additional 3% on Stamp Duty.

It’s also worth bearing in mind there could be some tax implications for your parents.

Boosting your deposit

Whether you’re relying on help from your folks or not, you’ll still want to put as much of your own cash into your home as possible. The higher your deposit, the better Loan to Value (LTV) you can get from lenders, and that often reduces the monthly interest rate you’ll be charged.

A trick to help is to get into a savings habit. If you work out how much you can save each month, and regularly put this aside, you’ll find saving easier. You can also take a deep look at your finances with a budget planner to see if there are places you can cut back – and put more towards your deposit.

You also need to think about where you put your savings. The Help to Buy ISA can net you a 25% bonus, up to a maximum of £3,000, so could be a real help. The new Lifetime ISA - the first of these will be available in the summer - works similarly.

Don’t forget the other costs

The deposit is just one cost when buying your first home. You’ll also need to make sure you can afford the monthly mortgage repayments – and lenders will want to look at your bank accounts to prove you can.

Plus, you’ll need to budget for moving costs and find money for any new furniture, white goods and decorating you require. And don’t be surprised if you come across some unexpected repairs that need to be paid for.

You might have installation costs for your phone, internet and TV, while Council Tax might be higher than where you previously lived. Add on buildings insurance (your lender will require this), and your monthly bills could be higher than you expect.

Are you feeling the pinch on your pocket a bit more at the moment? If so, it could be down to pricier food and travel.

Latest inflation figures from the Office of National Statistics show prices are increasing at the highest rate since 2013. Prices in November were 3.1% more than a year ago, which basically means you can buy less for the same amount.

Food prices are once again big contributors to the prices hikes, with an average increase of 4.1% against last year. Transport is also up by 4.5% and clothing rising by 3%.

What’s in the inflation ‘basket’?

The ONS calculates inflation based on the prices of set items and expenses. If prices are up compared to a year ago, then inflation is happening. If prices are lower, it’s called deflation.

The contents of this imaginary basket are mainly everyday items like bread and socks, but it contains costs such as air fares, cars and even out-patient services. The basket changes each year to reflect consumer trends, so in the most recent update gin, soya milk and cycling helmets were added.

How inflation affects your finances

Well, the obvious thing you’ll notice is most stuff you buy will cost you more. Since wages aren’t going up at the same rate as inflation, your money won’t stretch as far.

It’s also bad news for savers. The top ISA and savings accounts at the moment are around the 1% mark – and there’s a good chance you’re getting a lot less. Either way, the higher inflation rate makes the situation worse.

So if you have £100 in a savings account paying 1%, you’ll get an extra £1 at the end of the year. But with inflation at 3.1%, that extra money will actually buy you less than the amount you started with.

What should savers do?

That’s not to say putting money away in savings is a bad idea – in fact the opposite is true.

Without a savings buffer for unexpected bills and expenses, you’re putting yourself at risk of borrowing money you can’t afford.

However, to reduce the effect of inflation as much as possible you should shop around for the best interest rates available. It’s possible to get as high as 5% with some current account providers, though the balances are often restricted.

From music streaming to gym memberships, UK adults are spending an average of £18.62 a month on subscriptions – and some of that could be money wasted.

Popular subscription services also include delivery plans, credit reports, magazine or newspaper subscriptions and hobby memberships and we’re spending more on them than ever. TopCashback found the average spend in 2017 is up by £3.38 from 2016.

Yet despite the outlay, a third of us (36%) feel we don’t get the best value from the services. The research also found half of people don’t use their gym membership at all, while only two in five (38%) use their TV streaming service every day.

So how do you work out if you can save money on your subscriptions? We’ve put together a five-step action plan to make sure you’re getting the best value for money.

Find out exactly what you’re paying

Take a look at your bank statements and note down all the subscriptions you’re spending money on. If you started off with free or discounted trials, you might find they cost more than you expected. You might even have one or two you completely forgot about.

It’s also worth thinking about the total cost too, and whether you can afford it. Added together they probably cost far more than you thought. Are they worth it?

Work out whether you’re using your subscriptions enough

It’s easy to sign up for a subscription thinking you’ll use it. You might have started with the best intentions, but how often do you actually go to the gym? Or do you find you’re still listening to old albums rather than streaming new tunes?

It helps to work out the cost per use to get an idea of whether the subscription is worth it. So if you’re only using your TV streaming service for a couple of programmes a week and it’s costing you £8 a month, it might be cheaper to wait until you can binge the whole boxset in one go through a pay-as-you-go service or DVD.

Some subscriptions are seasonal too. If you’re likely to be spending the spring and summer nights and weekends out, you’re less likely to take advantage of any home-based services you’re paying for.

Make a note for when subscriptions renew

Most services will auto-renew, so make a note in your calendar for when this happens, particularly if the subscription is annual. This way you’ve got a visual nudge or alert to prompt you to reassess if you actually want to keep subscribing or not.

Some subscriptions will have a notice period, often 30 days, and you might need to cancel four or five working days before the renewal date to get the cancellation processed.

Cancel the ones you don’t use

If following these steps suggests something is bad value, then cancel it. You can always start the subscription up again if you decide you’re missing the service.

Check there aren’t any penalties or fees for cancelling early, though it’s worth asking if you can get a refund on some services you don’t want to keep using until you can end the contract.

See if you can get a better deal

Often you’ll be offered a cheaper price to come back once you’ve cancelled, or you might be able to track down other ways to save on your subscription. But don’t do it on a whim. Only sign up once you’ve followed these steps again. Even if you’re making savings, if you’re not using the subscription it’ll still be money wasted that you could use for something better.

Despite low interest rates, ISAs are still popular with savers, and with the financial year ending at the start of April, time is running out maximise your annual allowance. But it’s no longer as simple as it used to be.

Here’s a quick guide to the rule changes, the increased amounts you can save, the effect of low interest rates, and new types of Individual Savings Accounts (ISAs).

Watch our money expert Andy Webb explain how Cash ISAs work

You can earn tax-free interest elsewhere

You can now earn £1,000 in interest every financial year outside of an ISA, and still not pay tax on it. This Personal Savings Allowance could mean you can get higher returns from current accounts and regular savings accounts.

The £1,000 allowance is for basic rate or non-tax payers and drops to £500 if you are a 40% ‘higher rate’ tax payer. Even so, with interest rates so low, it requires a huge amount of money to gain this much in interest.

The ISA allowance is growing

The ISA limit is £15,240 for this financial year, which ends on 5th April 2017. It’ll then get even higher, jumping to £20,000.

You can take money out and put it back in

Some ISA providers now allow you to make a withdrawal from an ISA in a financial year, and put the same amount back in without it counting twice towards your annual allowance.

Check if your ISA allows this – it might mean you can put more in this year than you planned.

You should move old ISAs

With interest rates so low it’s not just the new ISA you pay into which could have poor returns. All your old ISAs are very likely to have had their rates slashed, and you could easily be earning practically nothing on them.

If you want to move your old or current ISAs you need to find a provider that accepts transfers into ISAs and ask them to move the money. If you withdraw the money instead, the amount you can put back in will be restricted by the annual allowance.

There’s a third way for everyone to save

Traditionally you can have a Cash ISA, Stocks and Shares ISA, or a mix of the two. There’s now an ‘Innovative Finance ISA’ which puts your cash into peer-to-peer lending.

As with Investment ISAs there’s the chance of larger returns, but you could also lose some of your money. Importantly the companies offering these ISAs aren’t covered by the Financial Services Compensation Scheme either, so there’s no protection for your cash if they go bust. However, very few of these ISAs are available, so these might be ones for the future rather than right now.

First-time buyers can get a big bonus

Another new option is the Help to Buy ISA. It’s open to any UK residents over 18 who have never owned a home. The government will give a 25% bonus on money saved up when a property is purchased. You can deposit £1,000 then £200 a month, up to a maximum of £12,000. From April 6th 2017 there will also be a Lifetime ISA which can be used for the same purpose, or kept until retirement.

If you’ve already opened a Cash ISA this year you won’t be able to also have a Help to Buy ISA.

It’s officially spring! With the Spring Equinox taking place tonight, it could be a cue to give your home a thorough once over. And while you’re clearing the clutter why not see if you can boost your income at the same time?

If you’ve been in the same place for a fair few years, you’ve no doubt accumulated more belongings than you really need. And if you’re a bit of a hoarder there’s probably a decent amount of junk you never use.

So as you sort out your cupboards, garages, lofts and all those nooks and crannies, have an eye out for anything that you don’t need anymore. There are three main categories that could be taken out of storage: unused items, unwanted items and unusable items – and they could all be sold.

Unused items

From spiralizers to speakers, homes are full of gadgets which are never, ever used. Add to this category any clothes which you never wear, books you never read and DVDs you never watch.

A good rule to follow is to apply a time period and think if you’ve used something in that time. So if you’ve got a pair of shoes that haven’t left a box in a year, are you likely to actually wear them again?

Unwanted items

Different to unused items, the unwanted items you should look for are often gifts you’ve been given that, putting it delicately, haven’t been to your taste. So they go in a drawer. And they stay there.

But just because you don’t like the picture frame or jumper you got from granny at Christmas, it doesn’t mean it’s not perfect for someone else – and they’ll be willing to pay you for it.

Unusable items

Broken electronics, missing parts - even if you think it’s junk, it might be just what someone else needs. Be honest about what is wrong with the item if you’re listing it online, but people often buy the seemingly unusable.

Where to sell it

You’ve a few options.

Online auctions sites like eBay are the most common and easy to use. You do need to watch out for fees, and make sure you charge enough to cover postage.

Both men’s and women’s Six Nations comes to an end this weekend, so before you get stuck into the last weekend of international rugby, take a minute to catch up on this week’s top money and personal finance news.

1. Who are you?

Identity theft hit record levels in 2016, with almost 173,000 reported cases, according to anti-fraud group Cifas. Younger people are increasingly being targeted, with nine out of 10 identity thefts being committed online.

3. Dead money

The average UK adult has £14,000 in savings, but doesn’t know what to do with it, according to a survey by investment website Nutmeg. Over half of the people asked said they didn’t really know why they were putting money aside.

5. State of the roads

Not enough is being done to keep roads in a good state of repair, according to a survey of drivers over 50 by Saga Car Insurance. Potholes are dangerous for cars and can lead to serious damage and costly repairs.

And finally…

Gin, flavoured cider, non-dairy milk, cycle helmets and children’s scooters have all been added to the basket of goods the Office for National Statistics uses to calculate inflation. Basic mobile phones and fees for stopping a cheque have been removed.

Two million pounds a day was lost last year to financial fraud – that’s money stolen from you by scammers.

Today is Take Five Day with events taking place around the country to raise awareness of the ways scammers try to get hold of your cash. And it seems help is needed, with more than half of UK adults feeling it’s too complicated to talk about.

Three-quarters of people polled by Financial Fraud Action UK also revealed they are worried about getting scammed.

How scammers try to get your money

Yesterday we profiled three online tricks fraudsters are using – Pharming, Phishing and Smishing – and on Monday we had a guest post from the Pensions Regulator on pension fraud. But these aren’t the only scams to watch out for.

Here are a couple of the most common:

Phone scammers

Some of the most common still happen via the phone, and this is called Voice Phishing, or Vishing. People call posing as someone they aren’t. Though it can take many forms, they often pretend to be from your bank or from the police. They then tell you there is a security issue with your account and they’ll try to get you to transfer your money to one of their accounts.

Though it’s not always easy to tell if the caller is legitimate, don’t take the risk. You should call the bank from a different phone line (or wait 10 minutes if that’s not possible), and always use the number from your card or an official document.

Face-to-face scammers

Some, like fake charity collectors and dodgy salespeople could just be after a quick buck. Others might be out to take a lot more. There are many cases of home improvement or maintenance scammers vastly overcharging for their services. Or thieves might be trying to checkout your property to see whether it’s worth coming back when you’re out.

How to check if someone has stolen your identity

If you follow the above, you will hopefully be safe. But identity fraud could still happen – or may have already happened.

First, keep an eye on your bank and credit card statements to see if there is any spending you don’t recognise. You should also read any letters than come from banks in case they’re warning you of potential fraud.

To get a better sense of whether products are being taken out in your name, you should be checking your credit reports.

These are detailed listings of every form of credit in your name. So if someone has got a credit card, loan or other product by pretending to be you, it should show up. You’ll also be able to see if any addresses are linked to you which you’ve never lived at.

There are three different credit reference agencies and there are ways you can check them all for free, or pay £2 to get a report direct.

What do to if your identity has been stolen

If you find your identity has been stolen you should immediately contact the credit provider to find out more. Hopefully you can do this before any money is taken.

If the money has been stolen from your own bank or credit card you should be able to get most if not all of the money back. However, in all cases the bank will assess whether you’ve been negligent - but they need to prove this has been the case. If they find you were, then you might be liable for the losses.

After your bank has investigated the fraud it will report the scam to the police. You can also contact Action Fraud for advice on what to do.

Get the credit reference agencies to fix any entries which weren’t down to you.

You can also register your details with Cifas, who will put a flag by your name for any future credit applications. Though this will slow down future applications you make, it’ll also prevent fraudsters further damaging your credit rating.

Phishing

What is it?

An email scam where someone sends you an email from what appears to be a legitimate source, like your bank, HM Revenue and Customs or PayPal. You will then be asked to follow a link and enter your login details. In reality this is a fake website which collects your information.

How to spot it?

The first thing to look at is how the email addresses you. Scammers will commonly use something general like Dear Sir, Dear Madam or Dear Customer, but legitimate emails will use your name.

Second, look at the email address it comes from. This can normally be done by expanding the section at the top of the email. A legitimate email will come from a recognisable email address (e.g. noreply@bank.com). Scammers will have to fill it in with random numbers and letters to make it seem real (e.g. noreply@1234.bank.com).

What to do?

Never click the links in email. Always open a new internet browser window and go to the site directly and log in. This way, you’ll never get caught out by a fake website.

Pharming

What is it?

Similar to phishing, but without the email. Scammers attack the website your visiting, so you end up getting sent to a fake website.

How to spot it?

More difficult, as you put in the right website address and would naturally assume you’ve gone to the real website.

You will need to be very observant. The website address will show up, not as the name of you were expecting, but as a selection of numbers, or something similar to the real name, but with letters switched around, or a different spelling.

What to do?

Be observant when you’re logging into websites and be on the look-out for dodgy looking website addresses. It is also vital to keep your anti-virus software up-to-date.

Smishing

What is it?

Text message scam. Scammers will get in contact with you claiming to be from your bank, asking you to update your personal details, or give them a call.

The text message might include a link, like a Phishing scam, or a phone number to call. The phone number is fake and the fraudsters will try to get you to reveal your details.

How to spot it?

Hard to spot, so it’s best to always be suspicious. One giveaway might be the phone number in the message will not be the same as the one on your credit or debit card.

What to do?

Never click a link in a text message. Go directly to your banks website. If you are worried your bank’s really trying to get in contact with you, call the number on your credit or debit card, not the one in the text message.

One of the biggest financial scams involves fraudsters trying to get hold of retirement cash. With huge sums of money involved, falling victim to one of these scams could be catastrophic.

The Pensions Regulator (TPR) leads a taskforce of government, regulators, financial services bodies and criminal justice agencies to disrupt and prevent scams. We asked Mike Broomfield, Head of Intelligence at TPR to share the latest on pension scams.

Scammers are criminals and we’re clamping down on their activities. We’re helping to change the law regarding cold calling as well as introducing a range of measures to protect saver’s pensions. But you can protect yourself, here are five top tips to help you beat the scammers.

If you think you’ve been scammed – act immediately

If you've already signed something you're now unsure about, contact your pension provider straight away. They may be able to stop a transfer that hasn't taken place yet. Then call Action Fraud on 0300 123 2040 to report it.

If you have doubts about what to do, ask The Pensions Advisory Service for help. Call them on 0300 123 1047 or visit the TPAS website for free pensions advice and information.

If you're aged 50 or over and have a defined contribution pension (a pension not based on your final salary), Pension Wise is there to help you investigate your retirement options. Visit the Pension Wise website to find out more.

Cold called about your pension? Hang up!

Unsolicited phone calls, text or emails about your pension are nearly always scams. Scammers will often claim they’re from Pension Wise or other government-backed bodies. These organisations would never phone or text to offer a pension review.

Deals to look out for

Beware of unregulated investments offering ‘guaranteed returns’. These include exotic-sounding investments like hotels, vineyards or other overseas ventures, and deals where your money is all in one place – and therefore more at risk. Visit the FCA’s Scamsmart website to see if the deal you’re being offered is a known scam, or has the hallmarks of a scam.

Don’t be rushed into making a decision. Scammers will try to pressure you with ‘time limited offers’ or send a courier to your door to wait while you sign documents. Take your time to make all the checks you need – even if this means turning down an ‘amazing deal’.

Using an adviser? Make sure they’re registered with the FCA

Scammers sometimes pose as financial advisers. Check your adviser is registered on the FCA website, and that they’re authorised to give advice on pensions. If you deal with someone who is not regulated you may not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong. And don’t be taken in by smart websites or brochures – professional-looking marketing materials are not a guarantee of a company’s authenticity.

Don’t let a friend talk you into an investment – check everything yourself

People have fallen for scams because they’d been recommended by a friend. Do your homework, even if you consider yourself or your friend to be financially savvy. False confidence can lead to getting stung and with a pension, it might be years before you discover you’ve been scammed.

We continue to help savers and pension scheme trustees combat scammers and have recently unveiled new interactive online tools, flyers, checklists and videos.

The news might have been la-la over an envelope mistake, but there’s no need to go hunting in the moonlight for your weekly dose of money news. So take a minute to catch-up on this week’s top personal finance stories.

1. Making the switch

Energy switching hit a record high in 2016, according to regulator Ofgem. Nearly eight million switches took place, potentially saving people more than £200 a year.

2. Bad debt

An extra £55 million a month is being added to household debt because people are burying their heads in the sand, according to research by TSB. Nearly 600,000 Brits have at least one interest-bearing debt which they could be getting a better deal on.

3. Good savings

The average over 55 year-old has nearly £50,000 in savings, double the UK average, according to SunLife’s annual Cash Happy report. Some have even more in the bank, with one in five in this age group boasting £100,000 or more in savings.

4. High cost borrowing

Overdraft charges are ‘the elephant in the room’ when it comes to problem debt, according to a committee of MPs. A recent study by Which? revealed going into your overdraft could be more expensive than getting a payday loan.

6. Don’t miss the deadline

It’s the thing you now only associate with annoying phone calls, but if you were mis-sold Payment Protection Insurance (PPI), you have until 29 August 2019 to make a claim. Banks have set aside more than £40 billion to cover the payouts.

And finally…

What would you do if you found a £20 note on the floor? Well you might want to think twice about putting it in your pocket after a 23-year-old woman was charged with theft after finding money on the floor of a corner shop.

Unexpected costs

The Children’s Society study also found close to half (46%) of families who had a car, central heating or appliance break down in the last year had to borrow money to pay for the replacement.

The danger of falling behind on bills or using up all your income each month is how easy it is for you to be pushed into problem debt. Just one unexpected cost could result in taking on more borrowing to cover the expense.

A savings buffer is the best way to protect yourself against these emergency costs, yet Money Advice Service research found that four in ten adults have less than £500 in savings available to cover unexpected costs.

Breathing space to pay off debts

The Children’s Society feel a “breathing space”, where debts are frozen for 12 months could help people get back on their feet.

Caroline Siarkiewicz, Head of debt advice for the Money Advice Service, said “It is worrying to see that so many families are falling behind on their bills which is impacting on their ability to manage day to day… Breathing space is vital for people who are trying to resolve their debts. We recognise the importance of this within the UK Financial Capability Strategy and we continue to work with HM Treasury, the Insolvency Service and organizations across the debt sector to ensure people in debt, across the UK, have the support they need.”

Getting help with debts

Ignoring debts will just make your financial situation worse and risk the chance of you falling into a debt trap with spiraling fees and charges.

Families who are struggling should seek free debt advice as soon as possible. Advisors can help you to prioritise debts and ensure that sufficient funds are available for essentials such as monthly bills, food and savings.

It can make a huge difference. Our figures show close to two thirds of people who received regulated advice last year were repaying the money or had repaid it in full within six months.

Not only does seeking debt advice help you clear the money owed, but it can have a hugely positive effect on wellbeing, with three quarters of people who sought advice feeling less stressed about their finances.

From catching up on the news to ordering a take-away, today the internet is as much an essential as electricity and water. But, according to research by Comparethemarket.com, we’re totally clueless when it comes to broadband contracts.

A third of people do not know when their contract expires, while one in ten have no idea how much they pay for their broadband package.

Most troublingly, over half of people don’t know what broadband speed they’re supposed to received. This mean there are potentially 13 million people paying for more than they’re receiving from their provider.

So here, we outline five things to do to make sure you’re getting the service you are entitled to and pay as little for it as possible.

What’s your (broadband) limit

How much do you actually use your home broadband? If you work from home, then you might need an unlimited connection. But if you’re only at home in the evenings, or are just an occasional internet user, then you might be paying for a lot of internet you’re not using.

However, if your family are heavy users, or you stream movies online, then unlimited broadband could save you money compared to buying some extra every month.

Pay up front

Broadband, like many utilities, is made up of several different payments. Paying off elements, for example line rental, all at once can save you some money compared to monthly billing.

You should also look out for other ways to get a discount, like switching to paperless billing, paying by direct debit and choosing a deal with no line rental.

Optional extras

Chances are the internet is not the most expensive part of your broadband package. It’s probably the TV channels.

The question you need to ask is do you really need them? Yes, you might like to have all the sport and movie channels, but how often do you actually watch them, and how much are they setting you back every month?

Haggle

The best offers are often only available to new customers, but as an existing customer you are in a good negotiating position.

When your renewal is due, give your provider a ring, remind them you’ve been a loyal customer and you’ll often get a discount. If not, follow the next suggestion.

Switch

Want to get the best deal on your broadband? Then you will need to switch providers.

Get online and use a variety of comparison sites and visit providers directly and find yourself the best deal.

As switching providers often means installing a new router, you might have to live without a connection for a few days. You also need to look out for any leaving charges in your current broadband package if you’re still in contract.

Chancellor Phillip Hammond has outlined the government's financial plans for the year, including changes to National Insurance for the self-employed and a new T-Level qualification.

It was the last Spring Budget before it moves to a new regular spot in the Autumn, and as a result, it was a quiet budget with a lot less announced than in previous years.

However, here's how the policies revealed will affect you.

We went Facebook Live with blog editor Andy Webb to look at how the Budget announcements will affect the money in your pocket.*

*CORRECTION: Cigarettes could get more expensive with the minimum amount of tax of £5.37 on a pack of 20 costing £7.35.​

If you’re self-employed

Class 4 National Insurance Contributions (NICs) will increase by 1% to 10% in April 2018. In April 2019 they will rise by a further 1% to 11%. This works out at around 60p per week increase on average.**

Class 2 NICs will be axed, as planned from April 2018.

**CORRECTION: It has since been announced there will be no increases to Class 4 NICs for self-employed during this parliament.

If you have shares in a company

If you smoke

Cigarettes could get more expensive with the minimum amount of tax of £5.37 on a pack of 20 costing £7.35.

If you drink sugary drinks

Sugary drinks will cost more. The rates for the already announced sugar tax will be 18p (if there are 5 grams or more of sugar per 100ml) and 24p (if there are 8 grams or more per 100ml) from April. The expected £4bn raised will go to school sports and healthy living projects.

If you’re returning to work after a long break

The government will invest £5 million to find ways to better support “returnships” for people who’ve taken a long break from their career, open to women and men returning to work after raising children.

If you’re hoping to study for a technical qualification

New T-Levels will be launched in autumn 2019 for students aged 16-19. The qualifications will give technical training to parity with A-Levels.

Students taking the T-Levels at National Colleges or Institutes of Technology will be entitled to maintenance loans, similar to university student loans.

If you struggle with terms and conditions in consumer contracts

A paper will be released in the summer for consultation that will lay out plans to make terms and conditions easier to understand, including for digital contracts. Plus, the government hopes to prevent automatic charging for subscriptions when a free trial ends.

If your child goes to a selective school and has free school meals

There will be free school transport for children getting free school meals at selective schools. No date was announced for this.

Already announced

A few policies spoken about by the Chancellor had already been announced in previous budgets or last November's Autumn Statement including:

Faced with a competitive job market and ever-increasing student debt more people are looking at other ways to find a rewarding career.

Apprenticeships could be the answer. They’re available in 1500 job roles and cover more than 170 industries, often leading to vocational qualifications equivalent to an academic degree as well as better job prospects.

So, in honour of National Apprenticeships Week, we answer five questions about how they work, including what financial help is available while you’re an apprentice.

Why should I do an apprenticeship?

An apprenticeship combines being in education and having a job. You will receive both a salary and on-the-job training, where you learn practical skills, as well as academic tuition at college.

And they’re not just for younger people. Apprenticeships for the over-25s are becoming more common and are seen as a great way for people to change career, or retrain following redundancy.

The Budget has dominated the headlines this week, but it has certainly not been the only piece of money news. So take a moment to catch up on what the Budget means for you and the rest of the week’s personal finance news.

1. The Budget

New technical qualifications, tax changes if you’re self-employed or have shares in a company. These were the main headlines from Chancellor Philip Hammond’s Budget this week.

2. Lost bank accounts

Money lying forgotten in dormant bank accounts could be given to charities and community projects, say the Independent Dormant Assets Commission. There is a potential £2 billion in unused bank accounts, insurance policies, pensions and investment portfolios.

3. Cost of retirement

Over 40s drastically underestimate the cost of retirement, according to Saga Investment Services. On average, they believe a £244,000 pension pot will see them through, but this works out at just £13,200 a year, well short of the £18,600 a year estimated for a comfortable retirement.

6. Not switching

And finally…

We’ve all got a taste for the fizz apparently. A record 40 million bottles of sparkling wine were sold in shops and supermarkets across the UK in the run-up to Christmas, according to The Wine and Spirit Trade Association.

After 18 months of investigation, the government’s Competition and Markets Authority (CMA) has released their report on the energy market.

The CMA found around seven in ten customers of the big six energy firms are on the most expensive tariff – costing a total of £1.7 billion every year. If they were to switch to the best deal, the average saved would be more than £300 per household.

These results have led to the proposal of some big changes. Here’s what you could expect to see:

Price control for anyone using a prepayment meter

There’s limited competition and it can be harder for people to switch, but fixing prices could help four million homes. Starting in 2017 for four years, the cap could provide savings of £80 to £90 a year for households with a prepayment meter.

Ending the four tariff rule

At the moment energy companies can only provide four different pricing structures. The rule was introduced to make things simpler, but it’s going to be scrapped to encourage more competition and bespoke tariffs.

Comparison sites will also be able to negotiate special tariffs direct with the energy companies, though they’ll no longer have to show every deal on the market.

Direct contact from companies

The government energy regulator Ofgem are going to look after a database of customers who have been on their suppliers most expensive prices for three years. At that point, the contact information will be shared with energy companies to get in touch by post and offer better deals.

What you can do now to pay less on your energy

These proposals are just that – proposals. If they are agreed they could help you pay less on your energy, but it’s all still in your hands, whether or not the proposals go through or not.

It’s actually very easy to find out if you’re on the best energy deal. The simplest option is to call your supplier and ask them. They have to tell you if it’s possible to save with them.

If you want to pay the least you possibly can, you need to do a search via one of the various comparison sites. Once you’ve found a deal that works for you, it’ll only take 17 days for the process to go through. You won’t see any difference to the gas and electricity you use or have a gap in service. You’ll just be paying less!

With the last weekend of Wimbledon, the final of the European Championships and the Tour de France still in full swing, it is a busy weekend of sport. So before you clock-off for the weekend, take a break to catch up on this week’s money and personal finance news.

1. Online safety first

More than 148,000 people were victims of identity theft in 2015, according to research by fraud prevention service Cifas - a 57% increase on 2014. Social media sites are a prime hunting ground as it allows fraudsters to piece together a person's identity.

2. Return of the older renters

There has been a significant increase in the number of over 50s renting, according to research by Saga. Divorced people are fueling this boom as high house prices mean they are struggling to get back on the housing ladder by themselves.

5. Handouts for the older generation

We often hear of parents and grandparents giving a handout to the younger generation, but one in ten retirees are turning to friends and family for financial help. According to research by insurers LV=, in the next decade this statistic could increase to three in ten.

And finally…

Parents are prepared to pay fines to get a better deal on a summer holiday, according to research by Santander. With prices increasing by up to 68% during school holidays, parents are prepared to pay unauthorised absence fines to save money on the family getaway.

Happy Easter! Although scoffing chocolate eggs isn’t what Easter is traditionally about, it’s become an ingrained habit – in fact, we bet for some of you, you’re reading this article while eating some. Chocolate eggs are all well and good, but having a nest egg is more important.

A nest egg is, by definition, a sum of money saved for the future and it’s always a great idea to have one if you can.

But what is your nest egg for? Whatever your reason for saving up, we’ve got some great tips to help you reach your goal quicker – and a sneak look at what some of my colleagues are saving for too.

I want to buy a house

This is a very common use for a nest egg – after all, it takes a lot of effort and dedication to save up money for a home.

I’m currently looking for my first home myself with my partner – which can be a daunting and frustrating process, especially when you realise the advertised ‘second bedroom’ is often a room you can’t swing a cat in.

Owen Bailey is doing the same – “I’m saving toward a deposit for a house, and although it’s felt like years away for a long time, planning out what I can realistically save each month, has made it easier. Even though it still looks a long way off, it helps to keep me on track and not get tempted to spend on small daily things. Finally starting to see this pay off now, and it looks like I’ll be able to reach my goal this year. It’s not easy but will be worth it in the end (or so I keep telling myself).”

If you’re the same, cutting out on the small daily things to achieve a big goal is a great idea.

There are lots of good ways to save for a home out there at the moment. Help to Buy ISAs, or the brand new Lifetime ISA for under 40s could both be good ways to help you get to your goal a bit quicker.

Help to Buy ISAs are a new type of ISA designed to help first-time buyers save up a deposit for their home. The government will add 25% to your savings, up to a maximum of £3,000 on savings of £12,000. We have a guide on Help to Buy ISAs you may find useful.

I want to make home improvements or go on a holiday

Melanie Dowding says her nest egg is for doing up her home.

If you want to make home improvements or go on a holiday, it’s a good idea to have a nest egg set aside.

If you’re saving up for a particular goal, a really good idea is to name it. It may sound silly but calling your nest egg something like ‘Mel’s home improvement fund’, for example, has been proved to make a difference when it comes to saving up.

Another good idea is to set up a standing order on payday, so it feels like less of a wrench to put it somewhere else.

I just need a rainy day fund!

You’re not alone.

Vik Iyer says “I probably just have a rainy day fund now. The best tips I can give is make sure you are saving into the highest interest product that suits whatever your needs are. I don’t save a regular amount but I do keep a really careful on eye on regular payments – if you keep costs around things like food and Internet down while avoiding subscriptions of any sort as much you possibly can, then your outgoings will hopefully go down and you may be able to save a bit.”

Andy Webb adds “For the last five years I’ve always had a savings project of one kind or another. In 2011 and 2012 it was for a big six month trip around the Americas. I got engaged on that holiday, so the next two and a half years were all about building the wedding fund. We got married last Autumn, and have carried on saving. There’s no specific goal this time, but having this nest egg gives us a buffer for any changes or emergencies that could come along!”

Emergency savings are important – do you know what you’d do if your car broke down, or your washing machine decided to stop working, for example?

Splitting the bills

Maybe you can't afford to rent by yourself. If you have a house or flat mate it’s really important to figure out how all the costs and bills will be split.

Under joint responsibility, all people who sign the tenancy agreement are responsible for covering the bills. This means if one of your housemates decides to leave without paying the rent and their share of the latest bills, you (and the remaining occupants) will have to cover the extra cost.

Getting everybody’s financial responsibilities straight from the beginning will make life easier if something does happen.

Could you do a day where you spend no money – at all? All you need is to be able to plan and use resources you already have. We tried it for ourselves and also challenged a couple of our guest blogger friends to do the same – here is how we got on.

Spending money is easy to do. Everyone has to eat, for example. But there are ways you can be smart with your money that means you don’t have to end up spending when you don’t really mean to, or need to.

A no-spend day is a great way to see where your friction points are with your spending, and to try and think of ways you can avoid doing so in the future. Who knows, maybe you could make it a weekly thing?

No-spend day challenge – how we did it

“Each Friday I have a regular meeting with a group of friends. We have a coffee in a church hall in the middle of the town. The coffee is only £1, but today was a No Spend Day, so not allowed. I met my friends as usual and just had a glass of tap water. The reason why resulted in interested queries and a stimulating discussion - a nice side effect of the challenge.

After our gossipy chat, I usually pop in a charity shop or two, or the local little supermarket to pick up whatever we need. Today, I went to one of the charity shops, but only to drop of a bag of donated clothing resulting from my ever ongoing decluttering project. Then I quickly left again before I could spot something I 'needed'.

Which leads me on to my top tip for saving money - don't go to the shops unless you really have to!

I would have bought a couple of things in Sainsbury's but instead I rejigged my plans for dinner and we had something else instead. We could survive for weeks if not months on what I have stashed away in the cupboards and freezer!”

Jenni Hill, author of Can’t Swing A Cat, offering tips for saving a deposit for your own home –

“Since I'm currently on a money saving mission, my day-to-day expenditure is already pretty low. However, I do spend quite a bit of money on public transport. Constantly travelling between my parents' house, my boyfriend's house, and work, I'll usually buy a £14 bus pass every Monday and on top of that I'll spend between £3 - £5 per journey on the tram.

However, when The Money Advice Service set me the challenge of having a No Spend Day, I decided to brave the treacherous British weather and walk to work instead. While this isn't something I can do every day, it made me realise how little exercise I usually get on a day-to-day basis. By skipping public transport from time to time I can save money, keep fit, and get my morning off to a good start.

If you decide to give this a go, I'd definitely recommend downloading a podcast or two on your phone before you leave the house. It will help to keep you occupied and make the time fly by!”

Florence Buswell, Money Advice Service blogger–

“Although I don’t spend a lot day-to-day, I’m fairly guilty of invisible spending – spending money on small things without even thinking about it. Although I often bring in soup for lunch, I also supplement this with supermarket snacks (healthy or unhealthy, depending on how my day is going).

Before my No-Spend Day, I bought some of my favourite snacks in bulk to keep in my desk (Nutri-Grain bars and popcorn, in case you’re interested). These have lasted me pretty much the whole week, so I’ll definitely be doing more of that – sometimes buying more from the outset can save you money in the long run.

Monday is when I usually go swimming at my local pool at £3.50 a pop, so instead I went to the gym. After a workout I often treat myself to a magazine afterwards as a reward (more invisible spending)… but this time I phoned my Mum on the train ride home instead. Not sure if that counts as a ‘treat’ really though…

My tip? Really thinking what you’re spending can help a lot. Even a pound here and there really adds up.”

As Jurassic World roars into UK cinemas this week, we've taken a look at some scary money habits that really should be extinct.

None of us are perfect, but being a dinosaur with your dough can cost you hundreds of pounds. Evolve your ways and you could get a nice amount of cash to sink your teeth into.

Our six money habits that should be extinct:

Being loyal (or apathetic)

Whether you don't have the time or don't like change, you are losing money by sticking with the same provider. Switching your current account, broadband company or energy supplier are just some of the easy ways to be better off.

One of the worst habits is insurance auto renewal. You might have got a decent deal when you first bought your travel, home, contents or car policy but letting it roll over could cost you dear.

Making minimum repayments on your credit card

Though missing payments altogether is worse - and bad for your credit rating and wallet - only making the minimum repayment on a credit card debt is never a good idea.

This is because, if you pay back a percentage of the debt each month, the amount you actually knock off the debt will keep getting smaller. The means it can take years for you to clear the money you owe. And in all that time, you'll keep accumulating interest.

The best option, if you can, is to pay off the full amount each month. Failing that, choose how much you can afford and pay that same amount (or more) via a Direct Debit.

Relying on credit (and not seeking help)

If you can't make it to the end of the month without borrowing money to pay your bills, rent or older debts, speak to a debt adviser. Using credit cards or payday loans to get by could push you into a debt spiral more difficult to out run than a velociraptor.

There are lots of organisations that can help with free, confidential advice. They can help you do a budget, prioritise your bills, talk to everyone you owe money to and see if you can agree a repayment plan.

Paying for things you don't use

How many subscriptions and memberships have you got that you don't actually use? A recent report by Topcashback found film streaming websites, gyms and magazines among the services most likely to be forgotten about yet still costing us cash.

Make a quick audit of your bank statements to see what you are regularly paying for and see if you still use them. If not cancel away.

Not using Direct Debits

Direct Debits and standing orders are a handy way to manage your bill payments. Setting one up means you won't forget to pay, meaning you'll avoid penalties and fees for missed payments. For many of your bills, you will also save some cash if you pay by Direct Debit.

However make sure you review your regular payments to make sure you aren’t paying for things you no longer use. Also, watch out for insurance products. You'll be better off paying the full amount up front here.

Hiding money under the mattress

This is one of the worst ways to keep your cash. Money really is better in a bank.

The biggest benefit is your cash is protected, even if the bank goes bust. As long as your bank, building society or credit union is part of the Financial Services Compensation Scheme (FSCS) you'll be able to claim back £85,000. Keeping large amounts of cash at home means you could lose out if there is a fire, theft or flood, even if you are insured.

Saving your money also means you'll be able to earn interest. With current account providers competing for your business, there are some high interest rates available that don't lock your money away for years.

Are you guilty of any of these financial horrors? What other bad money habits should be a thing of the past?

We’re living longer. This is hardly a revelation, but it does mean it’s more important than ever to start thinking about how you will cover the cost of those years when you’re no longer working.

So here are six reasons why you need to start saving money into your pension pot now, if you haven't already.

We’re living longer

In 2001, British men were expected to live to 79 and women to nearly 83. Today men are living into their early 80s and women to around 85.

While we’re not at South Korean levels yet, where women can now expect to live to the other side of 90, we still need to plan for a longer retirement.

That means longer retirements

People living longer may be good news, but it means thinking more about how we will pay for our retirement is more important than ever. The current retirement age is 65 (rising to 66 in 2018), which means we need to be able to pay for at least 20 years of life-after-work.

Advantages of starting early

You might not want to start thinking about paying into a pension when you’re in your 20s, but if you do, paying for your retirement will be a lot easier.

To have an income of £20,000 a year in retirement, you would need to put aside roughly £250 a month from the age of 25. Wait until you’re 35, and this figure goes up to a little more than £400 a month, according to research by Guided Outcomes and Hymans Robertson.

If you’re on a low income or have children, tax credits can be worth thousands of pounds a year – and you’ve only until 31 July to renew your claim for this year.

Each new financial year anyone eligible for tax credits needs to renew their application by the July deadline. Miss it and payments will stop, meaning you’ll need to repay any payments you’ve got since April and reapply.

How to renew

Most people receiving tax credits will have been sent a renewal pack saying “reply now”, detailing what you need to do. It’s possible the pack will just say “check now”. If that’s the case, check everything is correct, and if so, your tax credits will be automatically renewed.

What about Universal Credit?

Universal Credit (UC) is replacing tax credits so you won’t be able to claim both benefits. However, if you haven’t yet started or been moved to UC, you’ll still be able to renew and make new claims for tax credits as usual.

Last Autumn planned changes to tax credits didn’t go ahead, but a new rule change means there’s still a chance people could get a reduced amount – and have to pay back some of the money they’ve been paid.

It all comes down to whether you earn more than you expected in a financial year after you’ve been assessed for tax credits. Earn more than a certain level of additional income and it could change the amount of tax credit you’re entitled to.

In April this “income disregard” will fall from £5,000 to £2,500, with government figures revealing potentially 800,000 people could be affected.

What is the income disregard rule?

The income disregard is essentially the amount of unexpected income you get that HMRC will ignore before you need to be reassessed. If you’re getting tax credits, your income can currently change by up to £5,000 before it affects the amount you get.

However, changes due to come in from 6 April will affect you if your income goes up or down by more than £2,500.

Usually, the amount of money you get in tax credits is based on your earnings from the previous tax year, which runs from April to April. If your income goes up or down by more than the income disregard , the Tax Credit Office will reassess your claim based on your current earnings, less the disregard.

This could mean you have to pay back some or all of your credits, or have future payments reduced.

Keeping HMRC informed of any changes

If you don’t tell the HMRC when you earn more than the income disregard when it happens and wait until the next time your claim is due to be re-assessed, you may find that you have been overpaid tax credits. You will be asked to pay any of this extra money back.

With the new rule, it’s even more important than before to tell HMRC of extra income you receive. If you do this when you get the extra money, it’ll be easier for the tax credits to be adjusted, and decrease the chance you’ll be chased for overpayments at a later date.

It also works the other way, as if you earn less than you thought you would, you might be entitled to further tax credits.

There may be a time in your life that, for whatever reason, you need to borrow some money. The key is, to make sure that it isn’t going to cost more than you bargained for in interest or penalty charges.

Say you needed to borrow £1000. Your washing machine or car has broken and you need to get it fixed quickly – or there’s an unexpected bill that’s come through.

Firstly, if you can, the best thing you can do is pay this through savings. Having an emergency fund means you aren’t paying any interest at all. We would always recommend trying to put aside a bit of money every month when possible.

But if you don’t have the money to hand and it really is something important you have to cover (holidays and upgrading your wardrobe doesn’t count!) then some ways could be more suitable than others.

This could be good for spreading the cost of borrowing if you can transfer the remaining balance at the end of the promotional period to a new 0% interest free deal.

Although you won’t have to pay any interest on the amount you transfer/spend during the introductory period, you will still need to pay a minimum monthly payment (normally 1%-2.5% of the balance) – failure to do so could result in a late payment fee (typically £12) and you may no longer be eligible for the interest-free deal.

You also need to have a good credit rating to be accepted to the best deals.

2. Unsecured personal loan over two years

3. A typical store card paid back over two years

Average Interest rate (representative APR): 30%

Monthly repayment: £55.91

Total amount repayable:£1,342 (£1,000 borrowed + £342 interest)

Unless you know you can pay off the balance every month try to avoid store card debt if you can. This is an expensive way to get credit. Typically their interest rates are far higher than credit cards.

You’re going on holiday and you want to make sure you’ve got everything you need. Your passport is packed, your factor 50 is bought and you’ve got your travel insurance sorted. But not all travel insurance is created equal – and you could find yourself out of pocket if you don’t pick carefully.

Comparison website comparethemarket.com found that nearly a third (32%) of single-trip policies do not cover missed connections in the UK, and 14% do not pay out for missed flights.

Furthermore, nearly half (49%) only covered items valued at £250 or under and just one in 10 offer cover for items valued at £500 and above. So if you’re bringing laptops, mobile phones or cameras that cost more than this, you could find yourself shelling out more than you think.

It’s no wonder we get confused sometimes, as the survey also showed the terms and conditions of travel insurance policies average more than 26,000 words – the longest of any insurance policy type.

So, what should you be looking for? We tell you the headlines so you can make sure you are covered properly – without having to read a small essay to do so.

Travel insurance essentials

Firstly, there are some features every policy must have.

The most important thing travel insurance covers for is your medical expenses – i.e. the cost of emergency medical and surgical treatment when you’re away. You should be looking at cover of £1 million or more for travel to Europe, and £2 million or more for the USA.

For missed departures, look for cover of £500 or more. Remember, you won’t be covered if the missed departure was your fault – no insurance company, however good they are, will pay out if you haven’t allowed sufficient time to get to the airport, station or port.

For baggage cover, which is probably the most likely reason you will need to use your travel insurance, look for policies covering you for £1,500 or more. There are usuallyseparate limits for single articles, valuables and baggage delay – so, if you are bringing valuables that will be expensive to replace, make sure you take a look at this. You will need to report all losses within certain time periods and get a written report from your airline if they lose your baggage.

Travel insurance pitfalls

There are some things that you must check before you pick your travel insurance policy, especially if you’re going away for a while.

Look at the maximum number of days that you are covered for whilst outside of the UK in any policy period. A good policy should be 120 days or more. Check out your trip duration as well – you want to be looking at 30 days or more cover per trip, ideally.

Also check no receipts are required for a baggage claim. Some insurance companies will insist on proof, in the form of a receipt, for all baggage items or for all items above a certain value. This is a headache you won’t need when your items have just been lost or stolen.

Do you know how much your home insurance covers? You may think you’ve done everything right by getting insurance and there’s nothing else you have to do. But if you haven’t updated your policy to cover any new purchases, you could end up out of pocket.

If you have new items in your house you could be underinsured. And this could be anything – new purchases, gifts or an inheritance you want to protect. The value of your home insurance policy may not cover these and, if you need to claim, you could end up paying out far more at a time which is likely to already be stressful.

If you’re part of the quarter of homeowners who have been with the same insurer for five years or more, or 13% who haven’t changed their insurance for 10 years or more, it’s even more pertinent to make sure your policy is accurate to what you have now.

The research from comparison website Gocompare has also shown less than half (48%) of content policies automatically index-link their policies. Index-linking helps keep the value of your policy up in line with increases in prices.

Avoid underinsuring

If your insurance doesn’t accurately cover the full value of your contents, any claim could be insufficient to cover your losses. All you need to do to avoid this is update your insurer with any changes in your circumstances and ask them to increase the sum to ensure you’re covered.

Unlimited sum insurance policies are also available, which means all of your contents are covered without limit so you don’t have to worry about underinsurance.

If you want accidental damage cover, or personal possessions cover, these are often optional extras. So if you want them, check they’re a part of your policy. Take a look to see if you get a ‘new for old’ policy as well. This means if any of your items are damaged or lost, you can replace them with new ones.

Who won Money for Life 2015?

They showed how they had targeted 16-18 year olds in local schools and colleges through a range of media to help them become more informed about their first financial decisions as young adults.

A People’s Prize was won by Starting Out, a team from HMP Grampian in Scotland trying to help young offenders as they prepare to leave custody and take financial decisions.

Fantastic finalists

Five teams were represented at the grand final from England North, England South, Northern Ireland, Scotland and Wales.

The finalists ranged from young apprentices, to college students, to young single mums. Each team told us with great passion how, with the help of a small grant, they had taken on the challenge of a grassroots money management issue in their local communities. All tried to make a difference to their lives and to the lives of others of all ages.

The competition, now in its fourth year, was inspiring through all its stages, starting from the 340 teams of young people who started the challenge.

More than just a competition

The Money for Life programme isn't just a competition for young people. It also accredits many hundreds of community workers across the UK each year through its free training courses.

The purpose is to equip them with the skills and confidence to help local people of all ages with day-to-day money management issues.

Passport – check. Travel documents – check. Toothbrush, suncream and phone charger? If you’re honest with yourself, you’ve probably forgotten at least one of these things before you go on holiday. But the cost of this and spending money in duty-free can add up. Are you surprised at the overall cost?

More than half (61%) of us have forgotten something when going on holiday and 83% of those who have will replace the items once they’ve arrived, spending an average of £13.17 to do so, according to travel agency ebookers.

This means we spend nearly £100 million a year on forgotten items – a big price to pay for a bit of forgetfulness!

Duty-free can also be a bit of a cash trap for some, with 16% of us saying we spend around £11-20 there, and 49% of us just going there to get some alcohol.

Slash your holiday admin costs

Create a list of items you need to put in your suitcase to remind yourself of everything you need to take. Make sure you’ve got enough of any prescription medication and first aid items to cover you for the trip.

Don’t forget the 100ml liquid rule if you’re going on a flight. Decanting your toiletries into smaller travel-friendly bottles instead of buying specific smaller bottles of your favourites can help you save some money – and bring some clear sandwich bags to put them in just in case. Spending money on plastic bags to carry your toiletries can be very frustrating!

Hold luggage can be a frustrating extra cost too, but it’s a lot more expensive if you get to the airport and find you need to put luggage in the hold. Think carefully before you go on holiday about how much luggage you are going to need to take – if you can do just carry-on then that will save you some money.

The cost of forgetting your travel insurance

Travel insurance is an absolute essential of any travel - no ifs or buts. A niggling small cost is much better than a avoidably huge cost if anything does happen.

According to the Association of British Insurers, the average cost for overseas medical treatment is £2,040. In the case of a coronary artery bypass and an emergency flight from the US to the UK, the total cost could be £49,000.

Given the fact the average salary in the UK is around £26,000, that could be double an annual wage. Could you afford that?

You can often get travel insurance for cheaper than the costs spent on forgetten items mentioned above – and the costs of forgetting it could be much higher than dirty teeth or a phone that hasn’t been charged.

A new study has broken down how and where we spend our money each month, including the difference between ages, sexes and in different parts of the country.

Across the UK, SunLife Insurance found the average monthly income after tax was £2,083 – and more than half of that then goes on bills, housing, transport, food and loans.

The biggest outlay is unexpectedly on your essentials. Food, bills and transport account for 22% - an average of £458 a month.

However, 45% of our earnings are apparently discretionary – there for us to spend as we like – that’s an average of £937 a month.

How much spare cash?

According to SunLife, we get to keep an average of 33% of our earnings to spend as we like AFTER things like going out and hobbies, which take up 12% of our income.

Higher earning men and those under 34 – with less responsibility - had the most leftover, but it still seems a huge amount.

If you feel you don’t have any spare money each month, you still might be able to find ways to cut your spending on essential bills and free up some extra cash – though maybe not to the extent suggested in the survey!

Switching energy provider and moving your phone, TV and internet service can lower your bills by the tune of hundreds of pounds each year.

It’s also possible to save a huge amount on food shopping by trying cheaper brands and making sure you don’t waste food.

While your mates are living the high-life, you’re struggling to get by each week; as your bills get bigger each month, companies announce record profits. Sometimes it feels like the world is stacked against you and you’ll always be looking behind you, rather than looking ahead.

But it is possible to strike back against the big boys and get the results you need even with limited resources, just like surprise Premier League champions Leicester City.

To celebrate their success, we’ve six ways to cast off your underdog status and leap to the top of the financial league table.

Scout around for the best deal

Buying something the first time you see it rarely works out as the best option.

It takes only a few minutes online to compare prices at all sorts of purchases – from food at the supermarket to mobile phone contracts.

It’s also worth doing some research on the bigger buys such as white goods and home insurance – otherwise you could end up buying a flop that doesn’t do what you want it to.

Substitute underperformers

Sticking with a company that isn’t working for you won’t give your bank balance the best results. Loyalty rarely pays with energy bills and bank accounts.

It’s really easy to switch your energy provider online to pay lower bills, while the seven-day switching service for banks can net you a cash bonus, high interest rates and cashback on bills.

Pay attention to the fixture list

There are some key financial decisions which take place once a year. Your car and home insurance policies are usually annual, your car tax certainly is, and other bills are probably set for 12 months too.

Interest rates are often fixed for a certain period, as are 0% credit cards.

Then there are services you pay for monthly such as TV and music streaming, magazine subscriptions and gym memberships.

The problem is by the time it’s due to renew, or special introductory offers end, we’ve forgotten. And then the fees jump, the bonuses end and we end up paying far more than we should.

So, keep a note in your diary of the dates each end to remind you to look again for a better deal.

Don’t concede penalties

A little bit of organisation can mean even the trickiest of bills are cleared into touch. Set up Direct Debits to ensure bills are paid on time, and move your bank account to one with lower overdraft fees if you’re often going into the red.

Transfer your savings

If you’re putting money away, great! But if the money saved is just sitting in your current account, the chances are you’re dipping into it without even realising.

Instead, set up a standing order to automatically transfer the cash over to a different account. You can still dip into it for emergencies, but it’s protected from accidental overspending.

There's news for savers, families and more in today's announcements by the government. For how the budget could affect you, take a look at our round up.

For savers under 40

From April 2017, a new Lifetime ISA will be introduced for savers between 18 and 40 years old. For every £4 saved before you turn 50, the government will give a £1 bonus. The bonus can be used towards your retirement or first home.

Anyone with a Help to Buy ISA will be able to roll it into one of these.

If you sell online or occasionally rent your spare room

Micro entrepreneurs selling online will be able to earn £1,000 before any tax is due from April 2017. Another £1,000 allowance will be introduced for people who temporarily rent out their home or other property as part of the "sharing economy".

If you shop online

A loophole that lets companies selling online not pay VAT will be removed, meaning prices could rise.

If you buy sugary drinks

A new levy will be introduced in 2018 on sugar content in soft drinks, meaning companies that don’t reduce the levels of sugar could pass the price on to shoppers.

If you have children at school

By 2020, every primary and secondary school in England will be in the process of becoming an academy. Maths will also be taught to the age of 18 for all pupils.

The money raised by the sugar levy will be used to fund schools. The funding for primary school sports will be doubled and longer school days for 25% of secondary schools will also be funded from April 2017. This will be voluntary for all schools but compulsory for pupils within schools that sign up.

If you buy new insurance policies

Insurance Premium Tax will increase by 0.5% to pay for flood defences. This will make some policies, including car, pet and home, more expensive.

If you earn more than £11,000 a year

The personal allowance level will rise to £11,500 in April 2017. This is the amount everyone can earn before they begin paying income tax.

If you earn more than £43,000 a year

Meanwhile the higher rate income tax threshold will rise to £45,000 in April 2017. This is the level before you pay 40% in tax.

If you’re self-employed

Class 2 National Insurance contributions will be axed for self-employed people from 2018.

If you sell something of value

Capital Gains Tax is to be cut from 28% to 20% for higher-rate taxpayers, and from 18% to just 10% for basic-rate taxpayers.

Capital Gains Tax is a tax on the gain you make when you sell something that has gone up in value.

If you smoke or drink

Tobacco will go up by 2% above inflation, while rolling tobacco will go up by an additional 5% from 6pm on 16 March.

Beers, most cider and spirits will not go up, but wines and high strength cider will rise by inflation.

If you drive

Fuel duty will be frozen for the sixth year in a row, potentially saving the average driver £75 a year.

If you travel to and from Wales

The toll for using the Severn Bridge will be halved to £3.30 for cars, £6.60 for vans and £9.90 for lorries from 2018. This is only charged for journeys from England into Wales.

Seven days is a long time in the world of finance, and this week has been no different. If you've not been keeping up with the news, we’ve rounded up the stories that could affect you and your pocket.

1. One in five fail to save enough for their pensions

Retirement saving in the UK has reached the highest level ever recorded, but one in five people (20%) are still not saving anything at all, according to the Scottish Widows Retirement Report. There's also a shortfall of the amount people think will be enough, and the reality.

2. Rent accounts for 40% of our outgoings each month

Rent in the UK is the highest in Europe averaging £750 a month, with 40% of our income spent on rent, according to the National Housing Federation. The average figures across Europe are 481 euros and 28%.

Meanwhile, research by Ocean Finance found half of first-time buyers intend to use Help to Buy schemes to overcome high house prices.

3. Financial capability scores low for one in five

The Office for National Statistics measures the nation's ability to make informed decisions and take positive action about our money, using six categories. Only one in 100 people score high on all six categories, while one in five score poorly on all of them.

4. Fraudsters gain £23m via a phone trick

Financial Fraud Action UK and Neighbourhood Watch revealed how telephone fraudsters made £23m last year. The trick involved scammers pretending to be from a bank and asking victims to transfer money to an emergency account to supposedly combat thieves.

5. Debt management firms still failing customers

A report by the Financial Conduct Authority found debt management firms are failing to meet new standards. The investigation uncovered companies did not adequately assess clients' finances, did not let clients know free advice was also available, and encouraged customers to buy services which wouldn't help them repay their debts.

Free debt advice is available across the country, and you can use our locator tool to find help near you.

And finally…

The Glastonbury festival has been the talk of the weekend. In the spirit of the summer festival season, we've taken a look at what they can teach us about money.

With exchange rates shifting daily, it can be difficult to know just how much your holiday will cost. But if you’re about to go away, we’ve got some tips and tricks to help you control your spending and keep your holiday affordable.

Money Advice Service research found that on average we overspend by £220 per holiday – a decent sum when budgets are stretched. Often that was down to getting carried away, or being faced with unexpected costs.

But we're also spending £60 more per holiday than we need to because we choose to pay in sterling rather than the local currency, according to currency exchange firm FairFX.

So how can you avoid these extras? Here are our seven top tips – three on getting the best rate for your holiday money, and four on keeping costs down when you’re spending.

Travel money

One way to cut some costs is to think about how you’re going to spend.

Change your money before you go

It’s always useful to have a little bit of cash on you. The worst exchange rates will be at the airport, so don’t leave it to the last minute. Instead order it in advance or, even better, use a comparison site such as TravelMoneyMax.com from Money Saving Expert or MoneySuperMarket.com to find the best deals.

Specialist credit card

Be careful of using your debit or credit card as they’ll probably charge you extra each time you use them to pay or withdraw money. A decent alternative is to hunt down a specialist credit card or bank account where you get fee-free banking overseas.

Get a prepaid card

If you want to lock in at a certain exchange rate, a prepaid card – the modern equivalent of Travellers Cheques - will give you that security, though bear in mind rates could go up as well as down, and there are fees for using them.

Take cash out with you for the day

Sometimes the day takes over and the costs mount up without you realising. One way to avoid this is to only take out with you the money you can afford to spend that day. It should help focus you away from the things you can’t afford to cheaper – but still fun – alternatives.

Pay in the local currency

If you are paying by card, always choose to pay in the local currency. If you pay in pounds you’ll usually get a far worse exchange rate.

Don’t just spend your leftover cash for the sake of it

Finally, if you’ve any cash leftover at the end, don’t just splurge it for the sake of it. Our survey found we spend an average of £14.27 at Duty Free just to get rid of spare currency – but even though you lose a little changing it back to sterling, it’s still money in the bank at home you can put towards next year’s break

Spring has officially sprung (or at least it will on Sunday). Many of you will be taking this opportunity to give your home a good clean, declutter and do those jobs you promised yourself you would do over the winter.

However, spring cleaning can be about much more than just throwing things out. In fact it is the perfect time to start earning yourself some money as well.

So before you start lobbing things in the bin discover how you could turn your clutter into cash!

Turn Your Mess into Money

One man’s trash is another man’s treasure. Well it might be going a bit far to say you can sell all your rubbish, but you really should think twice before simply throwing something away.

Selling online is incredibly easy and there are now a huge number of different platforms to choose from – there really is no excuse not to give it a try, particularly when you can use the money to grow your nest egg or save up for something special.

What to sell

The beauty of selling online is there is very little you can’t sell. Obviously, the best place to start is with the things you don’t need or use anymore.

Old electronics shoved in the back of a cupboard (honestly, we have no idea why you decided to keep the VHS player), books you have read a dozen times, CDs you no longer listen to, kitchen gadgets which have only been used once, furniture you simply don’t have the space for, clothes which have lived in the back of drawers and jewellery that just doesn’t go with any outfit.

All of this and much, much more can be easily offloaded for a bit of cash.

The next question is where to sell it.

How to sell it

If you’re tempted to sell your unwanted stuff online your first thought is probably auction sites. While far from being the only option, these are a great place to start.

The main advantage is you do not have to think of what price you would like. Simply put up the listing, add some photographs and wait for the bids to come in. Fingers crossed, a couple of people will like what you are offering and push the price up.

However, you certainly should not limit yourself to just one kind of site. Online classifieds can help attract buyers in your local area, which helps you avoid the hassle of packing and posting.

Selling on social media channels is becoming very popular. There are a number of groups starting up for selling specific items or to people in your local area. The huge advantage here is your listing is free.

You can also use one of services offering to buy your unwanted CDs, DVDs, games and other items off you. While you will not have to bother with posting the listing, many of these sites pay less than you could achieve by selling them on your own.

Take it offline

If none of these catch your interest, or if you have any specialist items to get rid of, why not try your local car boot sale. Not only will you be able to offload your unwanted things, but you might even find a bargain to take home with you.

For those feeling particularly brave (and assuming you have something they actually want) you can always give regifting a try. In this way you can pass on your unwanted things to friends and family and save on the expense of buying them a brand-new present.

What would you consider to be the most common debt? If you’re thinking credit cards or mortgages, you are wrong. New research has found unpaid Council Tax is overtaking credit cards as the most common cause of owed money.

Around 13% of people have Council Tax arrears, according to the study by the Debt Advisory Centre. Just over half of those with arrears are behind by two months, and a further 5% have amassed arrears of three months or more.

Who is most likely to have council tax arrears?

Young people aged between 18-24 are most likely to have fallen into arrears with their Council Tax bill. A quarter of under 25s questioned admitted to having fallen behind with Council Tax payments.

Reveal the answerHide answer

Council Tax arrears have become an increasingly common problem, but failure to pay them can have serious consequences. You should consider Council Tax arrears to be a priority debt – which have the most serious consequences – such as receiving a court summons or being made bankrupt.

If you are in arrears, now is a good time to think about it with Council Tax bills for the upcoming year usually issued on or before 30 April.

Paying your council tax bill – are you struggling?

The Debt Advisory Centre advises contacting your council immediately and agreeing a plan of regular payments that you can afford. If you don’t, and you get into arrears your council may cancel instalment payments and ask for the whole amount to be paid within seven days.

If you do wish to complain about your Council Tax, you must go via your council first and give them 12 weeks to respond – after which you may be able to complain to the Local Government Ombudsman.

Save on your council tax

The amount of council tax you need to pay varies based on your home and where you live.

You could be inadvertently overpaying on your Council Tax by being in the wrong band.

Up to 400,000 homes in England and Scotland are in the wrong Council Tax bands. Welsh homes were more recently evaluated and are less likely to be in the wrong band, but it is always worth checking. If you have been overpaying for years, you could be entitled to thousands of pounds in refunds.

You can ask for a review from your council to see whether you’ve been overpaying – but be aware you could end up paying more if they find you’ve been in a band which is too low for your property!

The UK was battered by Storm Doris this week, but this hasn’t stopped the whirlwind of personal finance news. So take a minute to catch up on this week’s top money news.

1. Don’t auto-renew

Motorists waste £1.5 billion a year by allowing their insurance policies to auto-renew, rather than shopping around for a better deal, according to Gocompare. Around 5.25 million motorists fall into this trap, with younger drivers the most likely to be caught out.

3. Future planning

Millennials are gaining confidence when it comes to investing, according to data from The Share Centre. There has been a 57% increase in money being put into ISAs by 18 to 36 year olds so far in 2017, compared to the same period last year.

And finally…

How much is in your pockets when you leave the house in the morning? Well according to research by Towergate Insurance, the average London-bound commuter train is carrying £1 million of personal possessions. On the busiest tube lines, this figure goes up to £1.4m.

‘Power sellers’ who turn a profit getting rid of unwanted goods online could find their bottom line under scrutiny from HM Revenue and Customs.

Most of us only use eBay and other sites to sell the odd things we don’t use or need. From an old pair of shoes to an unwanted gift, we’re simply clearing out the clutter for a little bit of cash.

HMRC is shining a light on sellers who make a little extra in a more organised and frequent way.

Tax crackdown

Letters have been sent by HMRC to high volume sellers on sites like Etsy, Gumtree and eBay as part of an effort to kerb tax evasion.

If you’re selling the odd personal item you probably don’t need to worry. The focus of the investigation is on anyone who’s essentially running an online retail business.

It’s easy to think your selling activities are just a casual sideline, but anyone upscaling old clothes or furniture, creating items from scratch, or buying items simply to sell them online could be chased for unpaid tax if HMRC thinks it counts as a commercial business.

It’s easy to think of debt as simply a financial problem, but it’s far more complicated than that.

Not only can mental health problems be a driver for people falling into debt, debt itself can result in people developing mental health issues, causing relationships and families to break up.

In fact, over half of people who visited Money Advice Service funded debt advice projects had been diagnosed with at least one mental health condition

On top of this, people with mental health problems are more likely to suffer from the consequences of debt. This includes receiving a court summons, being forced onto a prepay energy meter and having telephone services cut off.

So if you have debts and are struggling with a mental health issue, what should you do?

It’s more common than you think

Think you’re the only one suffering with these problems? Trust us, you’re not.

In fact, one in four people will suffer with a mental health problem this year, according to charity Mind, while one in six adults in the UK have money worries. We also see that 52% of people who seek debt advice from our partners reported that they had been diagnosed with a mental health problem.

Don’t suffer in silence

Whether you are struggling with debt, mental illness or a combination of both, the worst thing you can do is bury your head in the sand or try and face your problems alone.

People who live alone are 60% more likely to develop mental health issues and if you’re struggling with debts, you should seek professional help as soon as possible.

Feel better in the long run

The good news is, facing your money problems head on and getting the advice you need not only helps get your debts under control, it can also help with your mental health.

Financial worries can easily end up being all-consuming but they don’t need to be. Whilst resolving your money issues won’t sort everything out, it will give you support and help you feel more in control and perhaps the positive benefits will help in many other areas of your life too.

What time is it? Yes, it’s one of those mornings where you wake up in a panic, worry about which clocks change automatically and once again fail to work out how to alter the time on the cooker and microwave. Don’t worry, only seven months before you have to deal with all this again. Once you’ve figured out what time it is, let’s take a look at this week’s money headlines.

1. Don’t ignore your debts

People don’t consider themselves in debt until the owe £45,000, according to research by Talk Radio, with many turning to credit cards to fund purchases. If you are struggling with debt it is important to remember you do have options, but you should never ignore the issue.

3. Little and often

We are shunning week-long holidays in favour of several mini-breaks. According to research by Doodle, people found shorter holidays cheaper, less stressful and they enjoyed being able to take different kinds of holiday.

4. It’s been a long time saving

Single first-time buyers’ will have to save for 13 years to have enough money for a deposit, according to estate agent Hamptons International. Couples face a shorter wait, but will still be saving for eight years.

5. End of the PAC

If you want to swap you mobile phone provider and want to keep your number things might be about to get a lot easier. Telecoms regulator Ofcom wants to remove the need for you to supply a Porting Authorisation Code (PAC) to your new provider and instead want phone providers to do everything for you.

It’s officially spring. You might not think so if you look out of the window, but it is. Well thanks to the Budget it has been a busy week for money news, but there is more to catch up on this week than just what the Chancellor said on Wednesday.

What’s in your basket?

A new inflation basket for 2016 has been announced by the Office for National Statistics (ONS). Coffee pods and microwave rice pouches are in, nightclub entry fees and rewritable DVDs are out.

Attention dog owners!

You’ve only got a few weeks left to microchip your pets. From 6 April 2016 it will be a legal requirement. It is hoped this will relieve pressure on animal charities and promote responsible dog ownership, as well as help reunite owners with lost and stolen pets.

Do dog or cat owners earn more?

Dog owners, according to a survey by VetPlus

Reveal the answerHide answer

Not so sweet treat

The sugar tax might have made all the headlines, but ready sliced veg can cost up to 400% more, according to a survey by consumer group Which?. It also turns out our frustration with self-service tills are leading shoppers to abandon £500m of items at the checkout.

Mixed week for motorists

Increases to the Insurance Premium Tax might add pounds to your policy, but you could cut your premiums with live telematics or black box system, which measures how safe a driver you are. The British insurance Brokers’ Association announced these kinds of policies have increased by 40% and could save you 25%.

No matter how savvy you think you are, there’s a good chance you waste little sums of money here and there - and they could be adding up to £360 a year. We’ve some simple rules to help you claw some of that money back.

A new survey suggests one in four UK adults know takeaways are their biggest waste of cash, while one in five also regret not taking a packed lunch to work or paying for TV channels they hardly watch.

Other common ways we waste money are failing to switch bills, paying for charges we could avoid and spending too much on a night out, according to Gocompare.com

The top 20 money ‘leaks’

1 -Takeaway meals 25%

2 - Paying for lunch or snacks while at work 21%

3 - Satellite TV subscriptions for channels hardly watched 19%

4 - Paying over the odds for utility bills by not shopping around for the cheapest tariff 18%

5 - Buying expensive takeaway coffee 18%

6 - Buying too many ready meals - 16%

7 - Spending too much at the pub or club 14%

8 - Cigarettes and tobacco 14%

9 - Mobile phone contract 14%

10 - Paying avoidable bank or overdraft charges 12%

11 - Paying avoidable credit card charges 11%

12 - Paying too much for home insurance by not shopping around for the best deal 10%

13 - Paying too much for car insurance by not shopping around for the best deal 8%

14 - Netflix or similar subscription 8%

15 - Paying fees at cash-tills to withdraw cash 7%

16 - Paying avoidable credit card annual fees 7%

17 - Unwanted magazine subscriptions 6%

18 - Gym membership which is hardly used 6%

19 - Subscriptions for apps that are hardly used 6%

20 - Amazon Prime membership 5%

How to stop wasting your money

Each item on this list falls into one of four categories – things that are bad for us, the things we don’t use, the things we put off doing and the things we just can’t be bothered with.

But with each, there are opportunities to save money. However, how you might approach them is different.

The habits we know are bad for us and our wallets

These are some of the most difficult to cut back on as they’re some of the things we enjoy the most – takeaways, snacks, coffees, drinks on a night out. The answer probably isn’t to go cold turkey, but instead to gradually reduce how much you spend on them.

Some things you might want to substitute for a cheaper alternative, others you might want to have less often.

Another trick to reduce this “unconscious spending” (so called because you don’t notice you’re doing it as often as you probably are), is to just take cash with you rather than your cards. This way you can only spend what you have – a particularly useful trick on nights out.

The admin we put off

Most often this category is filled with bills and contracts that we ignore and let auto-renew. Yet these activities often seem scarier than they really are, and the money saved can be huge.

For example, using a comparison site to find a cheaper energy deal can take less than 20 minutes and save you around £300 a year. Plus, once it’s done, you don’t need to do it again for another 12 months.

The spending we’re just too lazy to change

From expensive lunches to late payments on bills, we often waste money here because we can’t be bothered to make the change. But it actually doesn’t take much to get rid of these extra costs.

The key is in planning ahead. You can avoid late credit card bills by setting up a Direct Debit, you can stop overdraft fees by setting up reminders to check your balance on an app, you can save on food by cooking more the night before and taking the leftovers to work.

Summer holidays, car insurance renewals, petrol prices and of course Pokemon Go are just some of the personal finance news stories this week. So why not take a minute to catch up on this week’s top money stories.

1. The cost of summer

The kids summer holidays are almost upon us, but are you ready? The average family will spend an extra £640 on outings and treats, according to American Express, putting serious stress on people's finances.

2. Catch the tax credits deadline

3. Don’t just renew

You’re always being told simply renewing your car insurance policy means you miss out on better deals, but now it’s also costing you real money. Insurers are charging admin fees of up to £50 just for continuing with your policy, according to MoneySavingExpert.com.

5. Not such generous pensions

A third of working people think they will receive a less generous state pension than current retirees, according to research by insurer Aegon. Just 11% think it will be more generous than it is at the moment.

And finally…

Pokemon Go has been sweeping the world this week. In fact, it has got so bad the Association of British Insurers (ABI) has issued a warning that users are putting themselves at risk of accidents and even crime by being too caught up in the game. And with that I’m off to catch the Pikachu at the bus stop…

Exclusive research by the Money Advice Service for BBC One’s Right on the Money programme found one in eight of us struggle to make our wages last to the end of the month.

In fact, it’s normal for a third of our wages to be spent within one week. Part of the problem is the payday spending spree. One fifth of people we surveyed said they spend straight away on things like clothes, nights out and takeaways.

Once the money runs out, it’s not uncommon for us to borrow. Just over a quarter (28%) will spend on credit or store cards, while one in six (16%) ask friends or family to bail them out.

But there’s also a sensible chunk of the population – just over a third (36%) - who choose to cut what they spend.

How the people of Liverpool spend their wages

As part of the research, I hit the streets of Liverpool with the Right on the Money team to find out how they spent their wages – and how quickly.

Rent and bills were as expected some of their biggest expenses, taking a huge chunk of the paycheck each month.

After that, sometimes the spending wasn’t even something they were aware of. Takeaways and shopping were popular ways for people to spend £20, £30 or £40 without thinking.

For one person I met, Friday was the big night. The idea that he could “live like a king” – at least for a few days – drove his main splurge.

Debts also had an impact. Credit card spending, especially after Christmas, limited how much people had leftover every month, with one person telling me they resorted to staying in, eating pasta and sometimes going into their savings to get by.

How to make your money last

Some of those I met in Liverpool only started paying attention to their bank balance towards the end of the month when there was more pressure on the pounds.

To avoid that situation, the easiest thing is to set up a budget. Using online tools such as the Money Advice Service Budget planner you can list your income and your spending, and the tool then does the maths for you.

The budget will then help you see where you are overspending, and work out just how much you can afford to spend on those nice-to-have extras without risking the essentials like rent and bills.

If you can pay back what you borrow each month, a credit card can be a cheap and safe way to spend. But it’s when you spend more than you can afford that the problems begin. You might have started by just paying for a treat. Or perhaps you had an unexpected MOT bill that had to go on plastic.

But if you can’t clear the debt as soon as the bills come, the borrowing starts to quickly become expensive. Worse, if you’re only making the minimum payment each month the interest will keep adding up, possibly pushing you into persistent credit card debt.

So the fact that 5 million UK adults struggle to clear their credit card debts suggests there are plenty of people unable to properly afford or manage their credit cards – so they could be at risk of bigger money problems.

The figure was shared by the Financial Conduct Authority (FCA) at its annual Mansion House dinner. In the same speech, the FCA also shared how it's not untypical for these credit card customers to pay £2.50 in interest and charges for every £1 they borrow.

Don’t pay for bills and essentials on credit cards

If you can only afford to get through each month until payday by paying with plastic, it’s a warning sign of deeper financial issues.

Ignoring this is the worst thing you can do. The best action is to get ahead of a debt spiral and seek help. It might be as simple as finding more ways to cut back and reduce spending, or it could be taking you through the steps to clear and prioritise all your debts.

How to manage your credit card debts

If your credit card problems aren’t so severe, there are ways you can bring down that debt and clear your cards as sooner.

Pay as much as you can afford each month

Minimum repayments are usually a percentage of the total debt, which means as you pay off the money you owe, the amount you actually pay reduces each month. This actually extends the time you have the debt, and adds on much more interest.

The best option is to pay as much as you can afford and fix it each month. Setting up a Direct Debit for this will also help you avoid penalty fees charged if you forget to transfer the cash.

Move the balance to a 0% credit card

It’s worth considering if you can move your credit card debt to a 0% balance transfer card. Doing this will stop interest being charged and give you the chance to clear the debt over time.

However these cards do come with a fee, and at the end of the 0% period you will start getting charged interest on any money still on the card.

Clear the most expensive first

If you’ve multiple cards you might find the rate of interest is higher on one than the other. Try to clear the highest one first as it’ll cost you more the longer you owe money on it.

If you’ve other debts, such as ones that could result in you losing your home or going to prison, they’re more important to prioritise than credit cards.

Use your savings

Though it’s always worth having some emergency cash available to you, the rates of interest in banks are so low at the moment that you might be better off clearing debts instead. That’s because you’ll be paying more on your debt than you’ll make on your savings for the same amount of money.

Social media can be brilliant – it’s a great way to keep in touch with family and friends, especially the ones you don’t get to see that often, and can keep you abreast of things going on in the world. But there are things you have to be careful about as well.

So, what do you reckon? Are you a savvy social media user, ready to make some dough, or have you been caught out by these stings?

Three ways social media could make you lose money

1. You could get caught out by what you post

Would you be happy with your boss or a future employer looking at what you post? If you have a public profile, it’s worth thinking about. Employers are increasingly savvy with checking out prospective employees’ online presence. There’s also speculation mortgage lenders could use your social media to help them indicate how trustworthy you are to lend to, using data such as how often you are logging in during working hours for personal use. Although this isn’t likely to be the point which makes or breaks something like a mortgage application, it is worth knowing that anything you post publically, can also be viewed publically.

Google yourself and take a look at the information that is available about you publically – are you happy with it?

2. Your boarding pass could contain more than you think…

We’ve all seen those posts on social media with a snapshot of a boarding pass in full view – in fact, perhaps we’ve posted it ourselves. But have you ever wondered what information it includes?

Dependent on the airline you’re flying with, someone could potentially pull up your flight information and view information including your billing information and date of birth, by visiting the airline’s website. Make sure you don’t get caught out!

3. Burgled when on holiday? Your insurer may not pay out

Another one to be careful about if you’re fond of a Facebook check-in at the airport – anyone seeing it will then know your house is empty while you are away.

Explicitly announcing your plans online could make it harder if you are burgled, and are looking to make a claim on your insurance. Check your policy wording. The Association of British Insurers also suggest speaking to your insurer if you are going to be away for more than 30 days.

2. Changes in protection for savings and high balances announced

From Friday, the Financial Services Compensation Scheme (FSCS) will be providing a £1m protection limit for temporary high balances held with a bank, building society or credit union if it fails.

This means extra protection for those with temporary high balances from certain proceeds. These include a house sale or a redundancy payment.

Also announced was a reduction in the amount protected in your day-to-day savings from £85,000 to £75,000 in January next year.

Chief Executive for the FSCS, Mark Neale, told us what this means for consumers: 'Well, anyone who has more than the limit has time to adjust their balances to keep within the new limit. The Prudential Regulation Authority (PRA) is also consulting on a proposal to allow people with fixed term deposits to reduce the balances without penalty to stay within the new limit.’

Next week is Shrove Tuesday, also known as Pancake Day. This marks the start of Lent where we traditionally give up something we enjoy for a month.

But if you make these little sacrifices a long-term thing, they’re a great way to boost your finances too.

We went Facebook Live with blog editor Andy Webb to look at some of the ways you can give up and save.

Giving up the bad things

For the first time ever, the Office for National Statistics (ONS) household spending report found spending on booze, fags and narcotics fell below £12 a week.

According to the Tobacco Manufacturers’ Association, the average price of 20 cigarettes in £9.40, or 47p per smoke. So, if you smoke ten a day and give them up for the 40 days of Lent, you could save as much as £188.

Cutting back on the booze also offers good savings. The average cost of a pint in the UK is £3.10, according to the Good Pub Guide 2016. Cut out two pints a week and you’ll save £35. In London, where the average beer costs £3.90, that figure is nearly £45.

All this week on the blog we’ll be helping you start and stick to a budget. In this first part, we’ll share why you really need to build a budget.

You might not have got around to producing a household budget, but whatever the reason you’ve put it off, the benefits mean it should be your priority – especially if you’re struggling to manage your money.

Budgets aren’t scary

You might hate the idea of maths, but budgets can be really easy.

At its most simple, a budget is just two lists. One list is of the money you spend, the other of the money you earn. Usually this is monthly, but you might want to do it weekly. Plus, since some expenses are once a year, you might consider an annual budget too.

You can use the spending list it in two ways. One to see how much you spend on each individual expense, and the other to see how much you spend over all.

The income list will also give you a total, and when that’s compared to the overall spending total you’ll immediately see if you’re spending more than you can afford, or if you’ve got some space to make some changes.

Summer is here and we’re in the holiday mood. But whether you’re sweltering in the office, spending more time outside, or looking to go on a break abroad, there are ways you can make your money stretch.

Last week marked the hottest July day on record, with temperatures reaching highs of 35C, which got us thinking (as usual) about the ways you can save money and still have fun.

Here are five tips you can use to help stop your wallet from overheating.

1. Ditch dinners out and plan a picnic or packed lunch

Buying meals out, even just if it’s grabbing a sandwich at lunch, can all add up.

In fact, a survey by Visa found out the average spend at lunchtime in the UK is £3.69. Getting some bits and bobs from the supermarket and creating meals at home to take into work can help slash these costs.

Also, the heat may be encouraging you to be more social, but this doesn’t need to cost a bomb. Get some friends together and you could each bring a dish to a picnic, instead of meeting for a big lunch or dinner.

2. Don’t overspend as a wedding guest

The summer is undoubtedly wedding season. But, factoring in hotel, gift, outfit, travel, hen or stag nights, drinks and beauty, we’re likely to spend a huge £640 per wedding this year, according to American Express.

3. Be savvy with your holiday bookings

For the best savings on your holiday, it can be better to book late. You may not get exactly what you want, but you will get a cheap holiday. Package holidays also tend to be cheaper, especially for more popular destinations, but it’s worth checking both options. You can sometimes get a special deal if you book separately.

Check out what you’re spending in optional extras as well. Do you really need reserved seating or to put luggage in the hold?

4. Consider your energy bills

It stands to reason you will be spending a lot less on energy bills over the summer. However, there are still things you can do. Make sure you turn off the lights when you leave the room, and fill up your washing machine, tumble dryer and dishwasher. Remember a full load uses less energy than two half loads!

One of the most effective things you can do is to consider whether you really need what you’re using. Do you need your tumble-dryer or will drying your clothes outside suffice? Do you really need lamps burning in your house when it’s light until after 9pm?

5. Bin the gym pass and go for a run

Why go on the treadmill when the weather is beautiful? Consider cancelling your gym membership and make the most of the heat. You could always consider returning to it when the weather has taken a turn.

And what's even better is that they don't have to take hours. In fact, some of these could be done quicker than the London Marathon…

Mrs Moneypenny’s top financial tips

Buy a notebook and record all of your financial life in it. Set aside a page for every financial presence in your life – your back account, each credit card, your mortgage (or rent), your mobile phone bill and so on. You need to set aside an hour a week to spend on your own finances. If you think that sounds a lot, then consider how much time you spend worrying about money. The rest of this list is suggestions of things you could do with that hour.

Track down any money that might be yours. There are nearly 900,000 unclaimed Premium Bond prizes worth more than £44 million. The oldest unclaimed prize belongs to a man from South Yorkshire who won £25 in 1957! And unlike the Lottery, there is no time claim limit. Also, there are millions of pounds sitting in forgotten bank accounts, could some of them be yours?

Cutting back on spending often makes us think of that daily coffee out, but in reality the things you are likely to be overspending on will be much more expensive. If you have any of the following: a mobile phone, a gas/electricity bill, car insurance, broadband/tv, contents insurance, or even a mortgage, then you will almost certainly be able to get it cheaper. It just takes time (and an internet connection) to find the best deal. Tackle them one at a time. An hour a week!

Debt costs money. The best way to access better deals on credit is to make sure your credit report (information that the credit reference agencies hold on you) is as accurate as possible. I counsel people to check their credit report annually, and then put right any inaccuracies by writing to the credit reference agency. People usually only bother to get the credit report after being declined for a mortgage or a credit card, much better to check in advance so that you can sort it out if you need to improve your score. Having ensured your credit score is as good as possible, get rid of your most expensive credit cards and apply for cheaper ones instead. Most people don’t even know what interest they are paying on their credit cards – find out, and write it in your notebook.

Finally, pensions. Do you have a workplace pension? Did you used to have and can’t remember where the paperwork is? Look at the Pension Tracing Service . Are you paying money into your workplace pension? Often your employer will match contributions, and if so then you ought to be making some – that is free money you are not getting. Plus the government, up to a limit, gives you back the tax you have paid. New legislation means that everyone will have to, very soon, contribute 8% of their salary every year, and employers are only obliged to contribute 5%, so you might to have to contribute the balance. Find out what your employer plans to do as soon as possible.

Mother's Day can be a great celebration of the mum in your life, but you don't have to splash the cash to give her a treat.

In this guest blog, Kalpana Fitzpatrick, financial journalist and founder of MummyMoneyMatters.com, gives her top tips on celebrating Mother’s Day on a budget.

Why true gifts don't have to be the ones you buy

My mum grew up in a small remote village in India where Mother’s Day was pretty much non-existent.

When she moved to the UK in the 50s, the concept was alien to her, but over the years, she soon began to realise what it was all about.

But this didn’t mean she all of a sudden started sending her mum flowers and cards.

As I got older, I asked her why she wasn’t sending her mum a gift or a special card for Mother’s Day.

She explained that there was no point as her mum, who lived in India, would not understand what it was all about and also that she didn’t have to show her love for her mum in such a materialistic way.

I didn’t know it at the time, but what great advice; do we really need to cave into all the marketing to show our mums just how special they are and does it really have to come at a high cost?

Yes, of course, perfumes, flowers and wine are all great, but sometimes, the true gifts are the ones you don’t have to buy.

Five ideas for a great Mother's Day

So, how can you spend Mother’s Day this weekend without splashing the cash? Here are some of my top tips:

Cook together, just like the good old days. I used to love spending time in the kitchen with my mum making samosas. It was messy fun (and delicious). So, why not cook something together – this could be super fun if you have young children.

Why not give your mum some mother’s day coupons made by you, such as ‘a free car wash ticket’, ‘Breakfast in Bed’ or ‘Free ironing’ for example. You can make these and put them in the card. The idea is that she can trade these coupons in at any time with you – so just make sure you are willing to do the chores you say you will! A good one get the dads involved here!

If you fancy getting out, why not take your mum to join the audience at one of her TV shows for free. You can apply here Freegive.co.uk for free tickets to top national TV shows in the coming weeks.

If you don’t want to buy a card, why not print one? The web is full of free printables (you can even find ones that the kids can colour in).

If the sun is out, have a family picnic; it’s sure to go down a treat.

Food is one of those universal things we all need to factor into our spending. But with the cost of food constantly in the headlines, are there ways to make sure you’re not spending more than you should?

We asked blogger Thrifty Lesley, who specialises in creating low-cost meals and recipes on her blog, for her ideas on making sure you don’t overspend.

Meal planning is key

Every day we waste tonnes of food in the UK but there are many ways to avoid waste in our own households.

Have a look in your cupboards, freezer etc when deciding what to have for dinner this week.

Plan to use what you already have, topping up with only what you need to make the dishes.

Planning really is key in waste avoidance and to maximise the use of our hard earned spend on groceries.

The average household wastes 25% of groceries, what could you do with that extra cash if it stayed in your purse?

Simple things like keeping sliced bread, the most commonly wasted item, in the freezer, and taking it out as and when you want to use it equals no waste at all.

Leftovers – what you can do

Use up those little bits and pieces in the fridge. Add the last few bits of meat from a roast, and maybe any leftover roasted veg, to mashed potato, season, and fry until crisp for delicious little patties.

Use any wrinkly veg in soups, risottos, or in flavoursome white sauce in a pie.

Similarly, fruit past its best can be whizzed into a smoothie, with or without leftover yogurt, (another commonly wasted item) or cooked down into a compote that can be enjoyed at any time. I like mine at breakfast, with yogurt. Compote can be frozen too, ready for when you want it.

Ditch the ready meals and takeaways

It is the supermarkets’ job to entice us to buy from them. All those delicious looking things that are placed in front of us. We buy eight million ready meals every day in the UK, more than any other European country, but many of those things can be made for a fraction of the price at home.

Hummus for instance, is extremely popular, but takes just moments to whizz up and costs a fraction of the price. You can add all kinds of flavours too, caramelised onions, roasted red peppers, beetroot etc.

Takeaway type meals make up over 40% of all ready meals.

I have learned how to make a few Indian dishes, Chinese and Italian and saved a mint. I've made Dahl Sambar for 31p a portion, Peanut Sauced Noodles for 23p and Spaghetti Carbonara for 41p, for example. Not that I’m biased, but I think they’re nicer too!

What do you think of Lesley’s ideas? Do you have any of your own to add?

This guest post is from Thrifty Lesley and doesn’t necessarily reflect the views of the Money Advice Service. You can find out more about Thrifty Lesley and what she does on her website.

Do you talk to your partner about money? The idea may bring you out in a cold sweat, but it’s important to be able to be able to discuss your finances, both to avoid arguments and the financial consequences. But how many of us do really?

We asked Sarah Pennells, author of Savvywoman.co.uk, to talk to us about what she found out in her Women and Money report 2015, and what couples can do if they want to have a money conversation with their partner – the right way.

How honest are you?

If you’re in a relationship, does your partner know everything about your finances? If they don’t, you’re not alone.

My website carried out some research looking at how couples manage their money, including finding out whether they argue about money and whether or not they’re honest with each other about their cash.

The good news is that the majority of couples are open and honest about their finances.

We found that 57% of people said their partner knows everything about their finances, including how much they earn, what they owe and how much they’ve saved.

Another quarter (27%) said their partner knows most of their financial situation. But almost one in ten (9%) said their partner only knows some of their financial situation and one in 25 said they know little or nothing.

That’s fine if you’re in the early stages of your relationship (you don’t have to spill the beans about your finances on the first or second date), but it’s not good if you’ve been together for a while or live under the same roof.

Sssh! Who has the most money secrets?

Younger couples are more likely to have secrets and younger men are more secretive than women (56% of women aged 18 – 34 said their partner knows everything about their money situation, compared to 44% of men).

Why does this matter? It’s important because if you’re honest about your finances, then you and your partner can make the best money decisions together.

But if you don’t put your partner in the picture, there could be more serious consequences for both of you.

For example, if one of you has secret debts they can’t pay off and you and your partner have joint loans or a joint mortgage, the other partner could find their credit rating is affected.

The report also found that couples argue about money more than just about anything else. In fact, it came second only to cleanliness and tidiness!

But, if you and your partner are open about money, you should find that you argue about it much less often.

Tips for talking about money

If you find it hard to get started, here are some tips for talking about money:

Set a time to have the ‘money conversation’ if you’ve never spoken to your partner about money.

Talk about what you think money is for (saving, investing, spending etc) as well as what you have and owe.

Don’t think that there’s only one way to manage money (your way!). If your partner does things differently, there may be things you can learn too.

If you find out that your partner does have secret debts, try and work out a solution – rather than just getting angry - and get help from a debt advice charity if you need it. People who have debt they’re struggling with are often anxious or ashamed, which is why they don’t tell anyone.

From not shopping around for the best exchange rates to spending at the airport just to get rid of left over cash, we’re a nation that throws away our currency when on our holidays.

When we go away we’re probably more focused on getting a deal for our flights and hotel than our spending money, and new Money Advice Service research out today uncovers just how much currency we waste when on our hols.

Changing cash can cost 10%

Only half of UK adults shop around for the best currency exchange rates, with a third (33%) just heading to the local bureau de change and taking whatever is offered.

One in ten are leaving it to the last minute by changing their pounds at the airport, often for the worst exchange rates possible.

The difference between the best rates if you look in advance, and getting money at the departure gate can be as much as 10%.

If you’re away for a fortnight or travelling with your family it won’t take long to hit £1,000 in spending and lose up to £100.

Spending for the sake of it

Our research also uncovered as a nation we waste £1 billion a year at airports just to get rid of leftover currency.

On average we spend £14.27 per holiday at Duty Free or on food and drink before we fly - rather than bring it back home.

For many it seems converting leftover cash back to pounds isn’t worth it, with £52 the average amount we need to have to think it’s worthwhile changing it back. However, would you spend this much just to get rid of it if it was already in sterling? Probably not.

If you find you have some foreign money at the end of your trip, think first about how else you could use it. If you are likely to go back to the same country soon, you could put it towards a fund for your next trip.

If not, even though you’ll lose a little on the exchange rate, switching it back means you’ve some extra cash for Christmas, birthdays or holidays.

For most of us, taking a week or two off work for a summer holiday is a big deal. It’s our chance to get away and forget our worries. Yet new research from the Money Advice Service released today shows it can come at a cost. We’re overspending, and even getting into debt just so we can have a break.

Overspending

We found the average overspend by adults was £220 - a sizeable amount for a week in the sun. This is partly down to three in five getting carried away, with the same number caught out by unexpected costs.

The biggest extra costs are food and drink (32%) and activities (22%), both frequently costing more than expected once we reach our destination. We’re also buying things we forgot to pack, adding to the total cost for one in five.

Holi-debts

The result of this overspending is we’re also getting into debt as a result. A quarter of us have been on a holiday we can’t afford in the last year. Worse still one in five (18%) of us have booked a holiday knowing it will cause us financial difficulty.

These figures are despite a decent number of us making an effort to save up for a holiday (68%) or have a budget (58%). The big problem seems to be in underestimating the total cost of the time away.

Planning ahead

It’s never too late to plan your holiday spending. Even if you’ve already paid for part of the trip, starting up a simple budget will help you know what you’ve got to spend when you are away.

Factor in all the extra costs you think you might face, and try to remember to bring everything with you too!

Of course, keeping to the budget can be trickier, especially when you get swept up in the excitement of being on holiday.

Before spending, especially on any bigger activities and excursions, check if you can afford it. You might find there are cheaper options, so shop around.

If you don’t think you’ll have enough, there’s still time to save as much as you can. Our Quick-cash finder might help you track down a little extra, but you can also save by getting your holiday money before you get to the airport. We’ve got more holiday money tips in this blog post.

Dealing with debt

If you already owe money, or have come back from your trip having spent more than you can afford, don’t ignore the debt.

If you don’t think you can manage it yourself, the earlier you get some help the less likely it will become a problem. Advice doesn’t need to cost you anything, as there are plenty of free and confidential services all over the country, which offer you advice face-to-face, or over the phone.

Ten million UK adults - a third of the working population – struggle to make their wages last most or every month. That’s the key finding of the Money Advice Service’s research into how we spend our paycheques.

For two-thirds of those who can’t make it to the end of the month, the cost of living is just too much. The majority find there is little left after bills while some struggle to even cover essentials in the first place. It means just getting through to the next pay day is a challenge.

Others battle with their bank balance thanks to spending more than they should, with post-payday splurges and not being aware of how much they’ve spent depleting the money available towards the end of the month.

How strugglers cope as the month goes on

Turning to credit and other forms of borrowing are the most common ways strugglers try to get by, with credit and store cards used by a quarter.

Four in ten (41%) of those then max out their cards, while one in eight (12%) reduce their credit card payments to the minimum. Both have implications for the amount of extra money owed in interest – making the following months even harder to afford.

Overdrafts, friends and family, and savings are also sources of funding to get through to next payday.

Those that choose to cut back – just over a third (36%) of those who struggle – resort to staying in and surviving on basic foods such as toast, cereal and old tinned goods. One in ten (11%) even skip meals to make their money last.

Ways to help you get by

If you’re resorting to borrowing to get by, especially if it’s to cover essential bills, it’s a sign you need to take action fast. If the debts haven’t already built up they soon will and it’s better to get ahead of them than let the money you owe take over.

Don’t pay for help with your debts. You can get free, independent advice all over the country. The Money Advice Service has a handy tool so you can search by your postcode for someone near you.

Whether you’ve debts or not, it’s essential to work out where your money goes. A spending diary for a month can be a revelation for unconscious spending on things like takeaways, coffees and drinks out. Seeing the total you’ve spent on these small things can make you think twice.

To take your money planning to the next level a budget will help you calculate how much cash you have after bills each month.

Whatever is left after the essentials is what you can spend on all the extras. Splitting it to a weekly amount can stop you overspending, while you might also be able to find ways to bring down bigger costs, such as through switching your energy provider.

Anyone who drives is always keen to find out if the cost of motoring is going to go up or down. Well, yesterday’s Summer Budget was a mixed bag.

Everyone will be affected by changes to car insurance, but the bigger costs won’t come in for a few years, and then they will only affect new car owners.

Here’s what you need to know.

Fuel duty will stay the same

Good news here as the tax drivers pay on petrol and diesel is frozen.

Of course, that doesn’t mean prices can’t go up – or down - as that depends on the price of oil.

Extra on car insurance

One of the smaller announcements in yesterday’s Summer Budget was the increase of IPT – Insurance Premium Tax – from 6% to 9.5%.

This will have an effect on cover for your car, as well as your home and most other insurance policies.

Despite falling premiums over the last few years, the increase in the tax from November this year will see the average car insurance policy cost an extra £17.50 (based on the average premium on the AA British Insurance Premium Index).

Young drivers face an even larger increase, with the average premium set to be £1,247, an additional £40.

First MOTs to be delayed

New car owners will have an extra year before they have to give their vehicle a once over. MOTs will be required after the first four years rather than three, though this is subject to a public consultation.

Roads could be improved

The new VED system will bring about one other change too. The Chancellor announced all the money raised in England will go into a Road Fund with the purpose of improving England’s highways, byways and more. However this won’t start until 2020.

Your savings could be earning practically nothing thanks to interest rates that drop over time – and you might not even be aware.

The government’s financial watchdog has revealed your savings could be earning zero in interest. And worse affected are those who’ve had the same account for years. The Financial Conduct Authority’s (FCA) report shows the lowest rates at leading high street banks.

The average interest rate for a new easy access savings account is 0.25% - but if you have an older account the average drops to an even lower 0.10% - and you could easily be earning less.

Easy access ISAs fare a little better, with the average for new accounts 0.7%, while closed accounts offer 0.5%.

These are the lowest available rates, and while rates are low pretty much everywhere at the moment, you can still make your money work harder – if you find the right account.

How to find out how much interest your money is earning

If you’re earning tiny amounts of interest it could be because you’ve taken your eye off the ball.

Lots of accounts have bonus rates which end after the first year, while most will be offering variable rate interest – meaning it can go up, or more likely down, at any time.

You should have been notified of any change, but it’s easy for this information to be missed among all the paperwork you get from your bank.

To find out what your money is currently earning you’ll need to find your most recent bank statement which should list the rate of interest. If not you can contact your bank, or look on the bank’s website.

If you find you’re earning very little – or even nothing at all – it’s time to move your money.

How to find better interest rates for your savings

There are options – and what’s best for your money depends on how much you have and when you need to access it.

Current accounts

Some of the best rates at the moment are with high street bank current accounts. You can earn up to 5% with some, though you’re limited by how much money you can save. There could also be other conditions such as minimum deposits each month.

Regular savings accounts

The highest rates are with regular savings accounts, with some banks offering 6%. These are often only for people who are existing customers, so you may need to open another account with them to access these. There are also often low monthly limits for deposits – around £250 or £300 is common.

You may have heard of the National Living Wage coming into law today. This is great news for those aged 25 and over who are working as they will now be legally entitled to at least £7.20 per hour – that’s an extra 50 pence per hour straight in your pocket.

But who exactly is covered and how do you work out if you’re getting paid correctly?

You don’t need to be reading pages and pages to know what is happening. Here is the National Living Wage condensed for you in less than 300 words – count it (if you have the time – but who does really?)

National Living Wage

The National Living Wage is the minimum amount those aged 25 and over should be paid per hour from 1 April.

The increase to £7.20 per hour will see 4.5 million employees seeing an increase to their pay packet in 2016. This rate will change every year on 1 April.

Eligibility

If you’re an apprentice, you must have been in your apprenticeship for at least a year to be paid the National Living Wage.

The National Minimum Wage still applies for workers aged 24 and under. This will remain at £6.70 an hour, £5.30 for under 21-year-olds and £3.87 for under 18s. These figures will rise in October 2016.

If you are self-employed (i.e. a client pays you for your services but you pay your own tax and National Insurance and can decide when you work) you are not eligible for either the National Minimum Wage or National Living Wage.

Other exemptions include those in the armed forces, company directors and voluntary workers. Work experience may be paid, but this isn’t set in law.

Do you know how much your home and running costs come to? You can probably guess, but if you do the chances are you’re getting it wrong.

A new survey has found more than a third (37%) of UK adults admit to not knowing how much it costs to run their home. It’s worst among the over 70s and those in their twenties, with two in five in these age groups (roughly 42%) not knowing.

When estimating, the average homeowner thinks their basic bills and mortgage are half the national average, estimating a monthly cost of £812 for gas, electricity, water, council tax and mortgage, £693 less than the average of £1,505.

Renters had a better idea of their home outgoings, but their £1,227 estimate was still a third less than the national average of £1,819.

If these findings by property website Zoopla sound familiar to you, it’s worth considering the impact it could have on your finances.

Here are some steps you can take to make sure your bills don’t push you into debt.

Getting your head around your bills

If the bills are more than you expect every month, it’s time to work out why.

The Zoopla survey found one in five (21%) find bills confusing as they are always changing. This is pretty common with services such as your phone bill, whilst gas and electricity bills paid for by Direct Debit are often adjusted after meter readings to reflect actual use.

One way to keep on top of these variations is to check your Direct Debits when a bank statement comes through, something one in ten don’t do.

You can also use online billing and banking for most bills to keep a check throughout the month of costs as they occur.

Know the total cost of all your spending

Just over half (55%) surveyed know the individual costs of their household bills, but they don’t know the total cost.

This probably carries on with other day-to-day spending, and can make it difficult to know if you’re spending within your means, or paying for things you can’t really afford.

Having a simple budget will help you track your essential spending, and show you how much more you have left for the other things in life you want.

Get help if you can’t afford your bills

If you regularly have to borrow money to pay the bills, it’s a sure sign of an underlying debt problem.

However, you aren’t alone. Money Advice Service research has found one in six in the UK are over-indebted. Fortunately, there are free and impartial places you can go to get help. They’ll help you prioritise your debts and find the next steps to get you back on track.

If you have cupboards chock full of stuff you’ll never use, why not start selling it off?

All of us accumulate stuff. It fills any gaps in cupboards, spare rooms, the loft, garage and shed. You could fill numerous wheelie bins full of things we no longer want, but clog up valuable storage areas. Or you could just sell it!

Angela's selling story

Angela, mum to a four-year old, decided to sell, told us how she was prompted to sell: “I like selling things online now as I’ve realised how easy it can be. You get the double whammy of getting rid of some things you don’t want any more, making some money and someone else gets a bargain. It’s a win, win.”

Could you do with some extra money this month? Well there could be some quick cash waiting for you at home without you realising.

From unworn clothes and unwanted gifts to old CDs and broken gadgets, your home is probably full of items sitting around unused. And while they fill up your cupboards, they’re essentially worthless. But sell them online and you’ll have a handy extra wodge of cash to get you through January.

It might be freezing cold outside, but with January nearly over, we’re one month closer to summer. But until the sunshine returns, wrap yourself up and catch up on this week’s top money and personal finance news.

1. Making the switch

More than a million bank account switches happened in the last year, according to BACS. Since the Current Account Switch Service was launched, more than 3.5 million accounts have moved provider.

2. The power of pocket money

Kids get close to £10 pocket money a week, according to a study by research company Childwise. Many have to earn this money by doing chores and one in five 11 to 16 year olds gets money from a paid job.

5. Plug the leaks

Unnecessary spending habits could be costing Brits £360 a year, according to research by Gocompare.com. Some of the money leaks identified include unused subscriptions, not shopping around for the cheapest deal and takeaway coffee.

And finally…

A midlife crisis is something many of us will have to face, but it comes with a price tag, according to research by the Association of Accounting Technicians. The urge to travel, anti-ageing treatments, tattoos, as well as the obligatory motorbike or sports car, can set you back £7,700.

Do you have that sneaky feeling you might be paying over the odds for your mobile phone each month?

Well, you could be right – research from Citizens Advice suggests some customers are paying more than double what they need to for their mobile phone contracts.

Average monthly tariffs recommended by phone staff in the mystery shop were £23.16 –more than double the price of the most suitable tariff found by Citizens Advice (£9.89).

Getting a good deal can feel like a bit of a minefield, but it is possible to avoid a phoney deal with a bit of research and some savvy tips.

Pay less for your mobile phone – here’s how

First, make sure you do your research. This isn’t always possible for everyone, but if you can buy your handset outright, you may find it’s cheaper in the long run. Use comparison sites to shop around and find the best deal for you.

I am recently upgrading my phone, and before I phoned my provider, I made sure I took a look at my typical month’s usage of data, texts and phone calls. There’s no point going for a deal that will get you unlimited texts, when what you really use your phone for is browsing the internet – or vice versa. Knowing exactly how you use your phone will make it easier to pinpoint what you need. Haggle with your phone provider too – they may offer you some cheaper deals.

The Citizens Advice report also recommends phone providers split out the cost of the handset and tariff. Not all of them currently do this, but you could ask yours to give youthe breakdown, so you can make an informed decision yourself.

Could a Sim-only phone be better for you?

If you’re happy with your phone, there may be no real reason to upgrade the handset – you could ask for a Sim-only deal, which are often a lot cheaper.

Before you get mobile phone insurance, consider whether you really need it. Sometimes it is, especially if you have an expensive handset, but remember you don’t need to get it from your mobile phone provider. Third party insurers may offer cheaper policies, and you might already be covered by your bank account – it’s worth checking first.

If you are really struggling with paying your phone bills, speak to your supplier. It may be able to switch you onto a cheaper tariff or propose changes to make your contract more affordable.

Anyone about to head off on an Easter break probably has “currency” on their to-do list – but if you leave it too late it could cost you as much as 15% - that’s £15 lost for every £100 you change up.

The worst way to pay abroad is often to use overseas cash machines, and fortunately our research last year found two thirds exchange their money before they go. That’s likely to offer better rates – but that doesn’t mean they’re getting the best value for money.

One in ten holiday makers get their foreign cash when they get to the airport, almost a third (29%) go to a bureau de change on the high street, while one in seven (14%) pre-order from their bank.

Half chose these options because it was the easiest, while just over a third said it was because they had always done it that way.

And around one in five were also swayed by promises of “zero-free” commission – but that doesn’t mean the same thing as the best exchange rate.

Shopping around for your currency

If you take a look at the different rates available at the banks and bureau de changes you’ll see the exchange rates can vary dramatically.

We compared the price to exchange £1000 into Euros with an online comparison site. The difference between finding the best price and leaving it until the airport was a staggering £188.90.

Ordering in advance will generally get you a better rate than just popping in during your lunch break, and using a comparison site can help you find the best rates near you.

Using a cash machine abroad comes at a cost

Of course, even if you are prepared, you might run out of cash or feel uncomfortable carrying too much with you.

Our research found a quarter chose to use a cash machine abroad for getting their money.

Though not necessarily the worst way to get money, if you don’t have one of a handful of specialist current accounts or credit cards, it’s highly likely you’ll be hit by unwanted extra charges.

These could include a “load fee” on top of the exchange rate and a set charge of around £1.50 per withdrawal. You could also be charged a fee by the local bank. If you use a credit card you’ll also usually be charged interest on the money.

If you’re regularly going abroad it might be worth looking at getting a bank account or credit card which doesn’t charge these, though there are other considerations when choosing the right account or card for you.

Benefits and welfare measures were a big topic in Wednesday’s Budget, and if you receive any, such as Tax Credits, Universal Credit or Housing Benefit, you may be wondering how this affects you. Will you be better or worse off, and what does it all mean?

Firstly, there’s time to plan ahead – any changes won’t kick in until April 2016 at the earliest.

Here, we help to outline the main elements and steps you can take.

Changes to benefits explained

Household benefit cap

The household benefit cap is to be reduced from £26,000 to £23,000 in London and £20,000 outside London.

This cap refers to the total amount of working-age out of work benefits families can receive annually.

So, for example, if you and your partner are both unemployed and have children, this would be the maximum amount you can claim between you for benefits such as tax credits, Jobseeker’s Allowance or Housing Benefit.

When this cap comes into play has not been decided yet.

Working age benefits

Working age benefits, such as Job Seeker’s Allowance and Employment and Support Allowance will be frozen for four years. This means the amount you get won’t increase in this time.

These freezes don’t include non-means tested disability benefits.

Maternity Allowance, maternity and paternity pay and sick pay are also not included. Rises are automatically paid each April for these benefits.

Child Tax Credits

Child Tax Credits are paid to top up your income if you are responsible for children. There will be changes to how you claim them starting in April 2017.

From this date, if you are making a new claim, support will be limited to the first two children, unless you have a multiple birth.

Disabled children are protected and you will still be able to claim the disabled child premium for any of your children who are eligible to get it.

If you are already claiming Child Tax Credits and have more than two children, you won’t be affected by the changes.

Universal Credit

From April 2017, if you are making a new claim for Universal Credit, support will be limited to the first two children unless exceptional circumstance exist such as a multiple birth and the first child premium will no longer be available.

If you are already claiming UC, you probably won't be affected by the changes.

The income threshold, which is the maximum amount of household income you can have in order to claim full Tax Credits is also falling from £6,420 to £3,850 per year. This doesn’t mean you can’t receive it if you earn more than this, though!

Disability support

Employment and Support Allowance (ESA) is paid if you can’t work or only work a few hours a week because of sickness or disability.

From April 2017, new claimants who are placed in the ESA Work-Related Activity Group will receive the same rate as people looking for work and claiming Jobseeker’s Allowance or Universal Credit.

If you already claim ESA, you will be unaffected.

Housing support

In a further blow, there will also be a four-year freeze in Local Housing Allowance rates. This means that if you’re renting privately and entitled to support with housing costs and your rent goes up, you may have to find the difference from your own pocket.

However, if you rent from a social landlord i.e. you live in a council house, or housing association property, rents will be falling slightly, so you will pay a little less each month.

Tenants on higher incomes in social housing (over £40,000 in London and over £30,000 outside London) will also be required to pay higher rents, close to market rate, or near market rate.

We could see interest rates go up by the end of this year – the first time a change has happened since 2009. The impact might not be huge at the start, but a gradual increase over the next few years could have a big effect on your wallet.

Speaking at a conference last night, the governor of the Bank of England Mark Carney said he expects a decision on whether to increase them at the turn of the year.

He added they would eventually rise to levels that are “half as high as historic averages”, which would work out at roughly 2%.

However, we don't know for definite a rise will happen in this way, or when suggested. It's also very likely any rises will be in small increments. Carney suggested they would be over the next three years so it’s likely any increase will be relatively small to start at around 0.25%, though it could be higher.

So what will a change in interest rates mean to you?

Here are three occasions you could be affected – and how to prepare.

1. If you have a mortgage

If you aren’t on a fixed deal, your monthly mortgage repayments are likely to rise when the interest rate goes up.

2. If you have credit or other borrowings

Most personal loans have a fixed rate of interest, so the rate you are charged interest at won't change. However, credit cards will have a variable rate unless they’re on a promotional period, so the amount could go up.

3. If you are “getting by”

A small increase could put extra pressure on your household finances. If you have low levels of disposable income, you might find the extra expenses push you into debt if you aren’t able to find room in your budget.

Your loved ones could pay for the funeral themselves, but this can be quite expensive and troublesome at a time when then could do without the extra hassle.

The costs could be reclaimed from your estate. If your money is in a joint account, where the surviving account holder immediately becomes the sole owner, then this is a valid plan.

However, if it is not a joint account, your relatives will have to wait for probate to be completed before being able to claim the money. The problem here is funeral directors want to be paid up front and probate can take a long time.

Probate is a legal document that allows the executor of the will to sort out person’s estate as they instructed in their will.

This is one of those situations where, generally, the earlier you think about it the better. A quick online search will bring up plenty of stories of people planning their own funerals in their 20s and 30s, which may seem excessive. But it is worth thinking about the implications of your death on your family, and what may happen if you are no longer around.

When you’ve got a to-do list as long as your arm, some things are constantly put aside until later, never making it to the top. Well a new survey has found many of those tasks are to do with managing your money.

Top of the list by Standard Life Savings is DIY, followed closely by gardening and household cleaning – all things I’m guilty of avoiding if I can.

Next on the list of things people put off till later is checking your pension, checking any loans and reviewing your mortgage.

Other common financial tasks people avoid include organising their budget, reviewing household bills and checking their bank account. In fact, money makes up seven of the top 12 in the list.

Life Admin - most likely to be on the “I’ll do it later” list

DIY - 86% Gardening - 82%

Household cleaning - 77%

Checking my pension - 64%

Checking any loans (incl. student loan) - 62%

Reviewing my mortgage deal - 59%

Checking my investments / savings - 55%

Cooking - 50%

Grocery shopping - 49%

Organising my day-to-day budget - 49%

Reviewing my household bills - 48%

Reviewing my bank accounts - 47%

Unlike the first three which seem hard physical work, some of these others are no doubt avoided because they seem far too complicated. The rest possibly out of fear of what the statements might say.

Well they don’t have to be difficult or scary. Here’s how to take out the effort and help make them a priority.

Pensions

A great way to start is to work out what you think you’ll need when you retire. The Money Advice Service Pensions calculator will give you an estimate of your income, including pension schemes and the basic State Pension.

Loans

Our Loans calculator will show you how long it’ll take you to pay off a loan – and how much it’ll cost you. Then you can use the sliders to work out how much you could save if you pay a little more than you already are.

Mortgage

Budget

If you’re put off by the maths involved, try our online Budget planner. Simply type in how much you earn and how much you spend and you’ll get a sense of where you might be overspending, and where you could possibly cut back.

Kids are getting close to £10 a week in pocket money these days – although some have to earn theirs through various jobs and chores.

The average weekly amount is £9.70, which can be simply pocket money, made up through an allowance or earned.

The annual Childwise Monitor report found boys between five and 16 receive £10.70 a week. Girls of the same age receive £8.50 - 20% less.

There’s a big jump in income depending on age. Five to 10 year-olds are given an average of £7.30, while 11 to 16 year-olds pocket £22.90 - though that’s boosted by the 15% of 13 to 16 year-olds who work part-time.

How do kids spend their money?

No surprise - sweets and chocolate are top choices, with crisps, snacks, soft drinks and going out also popular ways to spend. (Source Childwise Monitor report 2017)

Reveal the answerHide answer

How pocket money can help your kids better understand finance

The sooner kids are familiar with coins and notes, they quicker they begin to appreciate the value of money, and this can be hugely important in later life.

In fact, Money Advice Service research shows a child’s money habits have largely formed by the age of seven.

Once they understand what it is, and have seen how you use it, pocket money is a great way to get them to understand what money is used for - whatever their age.

Giving them the opportunity to spend their own money will help them decide when they spend it, how they spend it, and whether they want to save it.

They will make mistakes - but they’ll learn from those errors.

Encouraging children to save

As your kids begin spending their money themselves, encourage them to think about how they might be able to save for more expensive items instead of more immediate treats.

You can help them to work out how much they’d need to put away and for how long to reach their goal amount. Then you can pick out a money box or savings account for them to store the cash.

Helping children learn to prioritise spending

When your children get older, you can start giving them more money, but also get them to pay for their own toiletries, clothes, sports or going out. Don’t add them all in at once, gradually introduce an expense and up their allowance accordingly.

If you’re giving a weekly allowance, you can move it to monthly to help them get used to making money last for longer.

These changes will really help them realise money isn’t an unlimited resource. They’ll think more about budgeting and prioritising what they want to spend their money on. Plus they will begin to realise there are essentials they can’t go without, even if there are more fun options.

Hope you all had an enjoyable and relaxing bank holiday weekend. It’s been a busy week for money news with the new living wage and the ISA deadline. However, before we get to the weeks headlines we would like to share one of our favourite jokes from the late, great Ronnie Corbett.

“There was a fire at the main Inland Revenue office in London today, but it was put out before any serious good was done.”

1. Did you get your pay rise?

The new National Living Wage started on 1 April and will see the minimum wage for over 25s increase to £7.20 per hour. Dispute resolution organisation ACAS is urging all workers to check their payslips to ensure they are receiving the new rate.

2. YOLO spending

You only live once, or more precisely, you only spend once. According to research by Scottish Widows, 45% of 35 to 49 year olds, faced with low interest rates and high rental costs, are spending rather than saving.

3. Could you spot a scam?

A troubling 88% of people are unable to spot a pension scam, according to research by Citizens Advice. While three in four thought they could identify a dodgy deal, most fell for tricks like offers of free advice and unrealistic investment returns.

4. Good news for good renters

Paying your rent on time could soon help boost your credit rating. Credit reference agency Experian is urging landlords and lettings agents to accept payments through a website, which would allow renters to build up a credit score in the same way homeowners do with a mortgage.

Well it has been a scorcher. Hopefully you’ve been able to escape the office this week, have an ice cream and avoid the inevitable sunburn. As Britain basked in the summer sunshine, you would be forgiven for not keeping up-to-date with the weeks’ news, so take a minute to catch up on the top money and personal finance stories.

1. How long does your money last?

Ten million people in the UK struggle to make their wages last the month, according to brand new research by the Money Advice Service. Most (43%) have little left after paying the bills, while 16% struggle after going on a post-payday spending spree.

2. Summer holiday childcare lacking

With schools breaking up for the summer, kids across the country will be looking forward to a long break. But parents will be forgiven for being less excited. Local councils across the UK reporting they do not have enough childcare to meet demand, according to the Family and Childcare Trust.

3. Not so happy holiday

Holidaymakers were left devastated by the news this week of Low Cost Holidays going into administration. The almost 140,000 customers affected were then hit with the news that they might only get £7.50 in compensation because the company left the ATOL protection scheme.

4. We’re not switching

We are still not keen on switching bank accounts, according to the Competition and Markets Authority (CMA). In the last year, 1.05 million people switching current accounts, nearly a 5% fall on the previous 12 months.

And finally…

Pokemon Go might have been grabbing all the headlines, but another kind of app is also revolutionising an industry. Mobile banking apps registered 11 million logins in 2015, up from 7 million the year before.

It’s National Vegetarian Week and lots of celebs, from Jamie Oliver to Paul McCartney, extol the virtues of giving up meat just once a week. This could, with a bit of creativity, make a difference to your wallet.

What else could you give up just once a week – that could really pay off for your account balance?

We’ve seven ways you can save by giving something up one day a week. You’ll see how it can quickly add up.

You don’t have to do all of these (everyone needs an indulgence every now and again), but curbing on just one or two of these could mean your money could go where you would really like it to, such as a holiday or home improvements.

Monday – Meat

Is your typical dinner meat and potatoes? Why not swap it for a veggie meal once a week? There are lots of websites out there dedicated to making creative and delicious vegetarian meals, so lack of inspiration is no longer an excuse.

The average packet of chicken breasts, looking at Mysupermarket.com, is around £3.00.

Potential annual savings - £156

Tuesday – Takeaway coffee

By Tuesday, it’s easy to start craving the caffeine. But don’t reach for that takeaway coffee just yet. You can get the same hit from bringing a flask into work and save money.

If you consider the average coffee to be around £2.00, you could be frittering away more than £60.00 a month on your caffeine habit.

Wednesday – Wasting energy

With the weather is (supposedly) heating up, you may have less need to keep your heating on, but it’s easy to slip into the habit of keeping it high when it’s chilly.

According to the Energy Saving Trust, you could save between £85 - £90 a year by turning your thermostat down by just one degree.

Potential annual savings - £90

Thursday – Takeaways

Now the weekend is approaching, the motivation to home cook may be slipping away.

According to VoucherCodes.co.uk, the average Brit eats 12 takeaways a month, adding up to a monthly cost of £110. That’s nearly a tenner you can save by cutting back once a week.

Potential annual savings - £477 a year

Friday – Fags

The Office of National Statistics (ONS) found that men smoke an average of 13 cigarettes a day, and women smoke 11. Let’s take 12 as a middle ground.

A pack of 20 cigarettes costs on average £8. That works out as 40p per smoke. So not smoking for just one day will save you £4.80 a week.

Potential annual savings – Just under £250

Saturday – Socialising

Put down that pint!

The Good Pub Guide lists the average price of a pint in the UK at £3.31. Cut down on two pints a week and you could be putting the pennies where you really need them.

Potential annual savings - £344

Sunday – Showing at the cinema

Looking to round off the week with a movie? You may be better off staying at home and watching a DVD or checking out what’s on TV instead.

The average cost of a cinema ticket is £6.54. Put other cinema costs on top of that, such as popcorn and drinks – which according to YouGov, averages at £7.85 per person – and you’re looking at quite an expensive afternoon out.

What are your plans in retirement? Whether you’re 25 or 55, you should be thinking about how you’re going to finance the lifestyle you want in retirement now. Most people will qualify for a State Pension from the government but this could be worth less than you think.

According to a survey out today, more than one in seven (15%) of people retiring this year are relying on the State Pension alone.

Almost two in five (37 per cent) believe the state pension is worth more than its current value and a further eight per cent admit to having no idea what it is worth, according to the findings by financial services group Prudential.

Pensions can seem complicated and it can be tempting to bury your head in the sand. But taking the time to think about your options now can make a massive difference to how much you retire on.

Here are our three reasons to think about your retirement income now.

1. State Pension may be less than you think

A single pensioner who qualifies for the full State Pension can currently expect to get £115.95 a week.

This represents an annual income of just over £6,000.

However not everyone will qualify for the full State Pension. This is because the amount you receive depends on the National Insurance payments you have paid (or are credited with) throughout your working life.

2. Contributing into a pension may be easier than you think

Are you currently employed? Then you will probably have access to your employer’s pension scheme.

This is likely to be a defined contribution pension scheme. These schemes build up a sum of money using your personal contributions, your employer's contributions (if applicable) and contributions from the government in the form of tax relief.

To increase the number of people saving into a pension, the government introduced auto-enrolment for workplace pensions, which is currently being rolled out in the UK and due to be completed in 2017.

Currently the total minimum contribution is set at 2% of earnings (0.8% from you, 1% from your employer, and 0.2% as tax relief).

3. The earlier you think about it, the more you’ll get!

The sooner you contribute into a pension, the longer your money will have to grow. This can make a big difference to how much your pension could be worth.

According to Legal and General, to get an annual pension income of £5,000 when you’re 65, you will need to contribute around £208 a month when you’re 25. However, you would need to contribute £840 when you’re 55 to get the same income amount.

Our Pensions Calculator gives you an estimate of what to expect when you retire. The tool was used more than 500,000 times last year. What could it tell you about your retirement?

Do you know your gazumping from your gazundering? How about the point when you're legally bound to buy the property?

Even if we've bought a property, we're are confused about what they can and can't do - and even what some of key words mean. Three quarters don't know what a conveyancer does, while 59% don't know when a sale is legally binding, according to research by property lawyers Slater and Gordon.

Do you think you can fare any better? Take our quiz, then compare your results against the rest of the UK.

1. What does a conveyancer do?

Conveyancing is the legal term for transferring ownership of property, whether you are buying or selling. A solicitor or conveyancer will handle contracts, give legal advice, carry out local council searches, deal with the Land Registry and transfer the funds to pay for your property.

Reveal the answerHide answer

2. When is a house sale legally binding?

The sale is legally binding once contracts have been exchanged. This means both parties can pull out before then.

Reveal the answerHide answer

3. What’s the difference between a freehold and a leasehold?

The freeholder of a property owns it outright, including the land it’s built on. With a leasehold, you own the property and its land for the length of your lease agreement with the freeholder. When the lease ends, ownership returns to the freeholder unless you are able to extend the lease.

Reveal the answerHide answer

4. When must you pay the deposit on a home?

Though there are other fees you’ll pay up front, you won’t pay your deposit until you exchange contracts.

Reveal the answerHide answer

5. What are gazumping and gazundering?

Gazumping is when someone puts in a higher bid after your offer has been accepted. Gazundering is when a buyer lowers their offer just before exchange

Reveal the answerHide answer

Compare how well you did with the rest of the UK in the infographic below. Then share your results in the comments section.

With schools about to break up for the summer, families across the country will soon be packing their suitcases and getting ready for a holiday at home or abroad. In fact, booking website Hostelworld claims today is the busiest day of the year to sort out your summer holiday plans.

So how can you get the best bang for your buck? We’ve five ways to bring the cost down.

1

Don’t rule out packages if you’re off to a popular destination as the combination of flights, hotel and possibly food and drink can be cheaper than getting them separately. But it’s worth checking both options.

2

See if you can cut back on optional extras like reserved seats and carry-on luggage. But if you do want these, get them sorted before you get to the airport as prices are generally cheaper online.

3

Shop around online for travel cash before you go. You’ll find much better rates than exchanging it at the airport or your nearest bank.

4

You’ll be charged extra to use most credit and debit cards overseas, including at cash machines, but you can find some which will minimize the fees you pay. If you spend on cards abroad, pay in the local currency – not pounds – to get the best rate.

5

A free EHIC health card will cover part of your medical care in most of Europe, but you still need insurance on top. Medical care alone could cost you thousands if you aren’t covered. So buying a travel insurance policy could save you in the long run.

Worried about how much you spend on your kids? We've got three tips to keep your spending on track.

Any mum or dad - or any friends of a parent - will know bringing up a baby and toddler can be tough but rewarding work, particularly in the early years.

But with all the sleepless nights you’re probably too busy to really think about how much money you're spending.

The average cost of raising a child until their fifth birthday is a staggering £35,000, according to a survey by Aviva released today.

It seems a huge amount, but everything from baby classes and toys to nappies and school equipment can quickly add up.

Unsurprisingly, the survey found childcare to be the biggest cost for families, with essential equipment, clothes and trips out not far behind.

If you’re concerned about spending so much money, we’ve three tips you can follow to make sure it doesn’t become a problem.

Track what you spend

Whether you just write it down on a note pad or use an online budget planner, keeping a record of what you spend and how much it adds up to, will help you make sure you don’t spend more than you can afford.

You might also pick up on reoccurring expenses which you don’t really need, freeing up cash for savings or other essential spending.

Get all your benefits

You don’t have to be out of work to claim Child Benefit. As long as the child is under 16 years old or under 20 but still in full-time education (up to A-Level) you’re entitled to £20.70 a week, with an extra £13.70 for any further children.

Over five years, that’s £5,382 for one child – a big help with those big expenses.

If you or your partner earn over £50,000 a year, you’ll have to pay back some or all the benefit in tax.

Build a buffer and cover yourself

If you lose your job or are too ill to work, would you be able to afford the costs of your kids? If you can build up savings, that’s a great start, but if that’s not likely you could consider income protection insurance.

What is your living situation? If you are between 25-34 years-old, it is more likely than not you are renting rather than a homeowner, according to a survey by Shelter, and the rent trend looks likely to continue. But could buying with your friends be the answer?

Predictions show in five years less than 20% of people in this age group will own their own home while almost 70% will be renting. This is a very different picture to a decade ago, where almost 60% of households in this age group owned their own home.

Buying with friends could be one way to climb the greasy property ladder – but don’t go all in just yet. Make sure you know what the pros and cons are first – so you keep your friendships and your house intact.

Buying with friends – the benefits

There are plenty of costs when you’re buying a home, especially for the first time. As well as mortgage repayments, there are also maintenance costs, your deposit and monthly bills to consider. If you’re sharing a home, you can also ease the individual financial burden. Sometimes, it can also be cheaper to buy than to rent.

Once you’ve paid off your mortgage, it’s now yours to own, and could be worth far more than you paid for it, which could help if you want to invest in a property of your own.

Mixing business with friendship

The old saying goes that you should never mix business with pleasure. The important thing to remember when buying with friends is that buying a house is a business transaction. It’s possibly the biggest one you will make, and you should make sure you talk through everything first.

Are you all putting in the same deposit amount for example? Who has bought what for the house? What if one of you wants to sell up before the others do? What if someone has a problem stumping up the cash month on month?

Write everything down

Writing down everything is a good idea. Have an inventory of all individual items and all shared items. Make sure it’s up to date and you are both happy with it. If you are putting in different deposit amounts, consider the proportion of the property each deposit amounts to and how you will split the proceeds if you sell.

Don’t forget everyone involved in the transaction is responsible for the mortgage repayments, so if one of you defaults, everyone is liable for the cost. Talk about any potential cash-flow problems openly at the beginning.

You should always keep paperwork in order by ensuring documents are accessible to everyone and signed by all of the co-buyers. It’s a good idea to get a solicitor to write down all agreements about the house for you.

If you missed some of the big money stories this week, fear not! We've a round up of the top news affecting your wallet from the last seven days.

1. Watch out: How you pay for your insurance could cost you

The Financial Conduct Authority (FCA) revealed 19 out of 43 websites selling insurance didn't make it clear that paying via instalments would actually cost more than covering the whole cost upfront. Unlike many utilities where you get a discount for paying by direct debit, most insurers charge interest up to 75%.

2. UK kids rank 20th for maths skills

Ireland, Vietnam and Estonia are just some of the countries with students achieving better maths and science grades than the UK. With one in five pupils without basic maths by the age of 15, the cost to the economy could be £2.3 trillion by 2030.

3. Pension scams on the increase

Research by Which? found a third of over 55s had been contacted by potential fraudsters about their pension pots. The most common pitches were investment opportunities, a free review and offers to unlock the pension cash.

From clothes to gadgets, a hefty 9.5 million of us weren’t honest about our spending last year – and we feel bad about it.

Ever felt guilty about the cost of something you’ve bought? Perhaps you know your family or friends wouldn’t approve of you splashing out? For many, the answer is to keep quiet, with the average Brit keeping £1,600 of credit card spending secret each year, according to a survey by LV.

Men were most likely to lie about clothes and gadgets, while women hid their spending on clothes and shoes.

Our own research found couples have an average of 39 arguments about money a year, so it’s no surprise nearly a third (31%) of Brits disguise these purchases because they fear it could cause a fight.

But the biggest reason people gave for lying was guilt over the true cost (42%).

As long as your secret spending isn’t putting you into debt, we’ve three ways you can spend (almost) guilt-free.

Offset your guilt

If you don’t want to come clean about wasting money, why don’t you match your spending with something altogether less sinful?

Perhaps put the same amount into a savings account or add it to your pension. You’ll also be less tempted (and able) to spend more money on the side.

Spend it together

Instead of buying something for yourself your partner won’t approve of, why not put the cash towards something you can use or do together.

Setting a joint goal means you’ll both be motivated to cut back on the individual secret treats. You’ll feel a lot better about a fantastic holiday or new car you can both enjoy.

Prepare for the worst

If the guilt of buying things that cost too much (or you don’t really need) is getting to you, you’ll feel even worse if something happens and you don’t have enough money to cope. Shoes and tablets don’t fix broken cars!

Say you lost your job? Or you were too sick to work? It’ll be difficult to cope if you don’t have enough cash to get you through it. Substituting your secret spending to fund emergency savings should make you feel a lot better about how you’ve used the cash.

UK adults are spending an average of £56 a month on subscription services - but are you paying for things you don't use?

Nine out of ten of the adult population are signing up for things like streaming, food and beauty products on a regular basis according to the report by Zuora.

Though there are often savings to be made by committing to something rather than buying it each time you need it, we think it's also likely you're paying for a subscription you don't want or no longer need.

We’ve four simple steps to make sure you are on top of your spending and not wasting money on unused subscriptions.

1. Audit your bank statement

Gather together your most recent bank and credit card statements and take a look at what you’ve been buying. If you notice a regular payment, check if it’s something you regularly use. If not, it could be worth cutting back.

If you can go back a year, you might also pick up on annual payments that auto-renew like travel insurance.

2. See how much you waste on unused subscriptions

The Money Advice Service has a Quick Cash Finder tool which helps you calculate just how much you would save by cancelling a service.

Enter in the cost of your music streaming or club membership and you might be surprised how much it costs you in a year.

3. Find out when the subscription ends

Any subscriptions you’ve signed up to will have a renewal date. Find it and make sure you put a note in your diary so you know to cancel. For annual contracts, you should ideally do this five weeks before to avoid missing the notice period (often 30 days).

Even better, if you can cancel the subscription as soon as you sign up, it’ll mean you definitely won’t forget later in the year. If you want to carry it on, then it’s easy enough to sign up again.

4. Cancel what you don’t need

If you don’t use it, don’t pay for it. Phone, email or write to the provider and get the subscription cancelled. At times this can be tricky and frustrating but persevere!

Watch out for any penalties if you try to leave early, but also ask if you can get a refund – especially with magazine subscriptions.

It’s worth keeping an eye out for retention deals. To keep your business you might be offered another month at a reduced price. That’s great… as long as you use it. Otherwise you’re still paying, albeit less, for something you don’t need.

From 6 April big changes come into place for men born on or after 6 April 1951 or women born on or after 6 April 1953 that will affect how much you get in retirement.

What you get will depend on your National Insurance (NI) record and whether or not you were ever ‘contracted-out’ of the state scheme.

It’s a little complicated but incredibly important, so we’ve broken down what’s happening and what you need to know about the new State Pension.

What is the State Pension?

State Pensions are paid by the government when you reach the State Pension age - currently 65 for men and 63 for women. By 2018 the State Pension age for women will have risen to 65 and to 66 by 2020 and 67 by 2028 for both men and women.

Under the current system the State Pension is made up of the Basic State Pension (which both self-employed and employed people are eligible for) and an Additional State Pension (which applies only if you are employed). From April 6 the Additional State Pension will be abolished.

It’s not a freebie though. You’re actually funding it through your National Insurance (NI) contributions, which are deducted from your pay each month.

How much is the new State Pension worth?

The full amount of the new State Pension from 6 April is £155.65 a week. You may get more or less than this depending on your NI contributions. To be eligible for the full amount you must have been paying (or been credited with) at least 35 years of NI contributions. Anything less and the amount you’ll receive will be reduced. You’ll need at least 10 qualifying years on your NI record to get any new State Pension.

What happens now?

Any amount of Additional State Pension you have built up under the current system won’t be lost and will be converted to a ‘starting amount’ for the new system.

If your ‘starting amount’ is more than the full amount of the new State Pension, any amount over the new level will be protected and paid in addition to the new State Pension when you start to claim it.

If your ‘starting amount’ is less than the full amount of the new State Pension you may be able to build up more pension for any years of NI contributions or credits between 6 April 2016 and when you reach State Pension age.

What if you “contracted out” of your State Pension?

If at any point in your working life you were ‘contracted out’ of the Additional State Pension your new State Pension will be reduced. This is because you either paid less National Insurance during that time or some of your NI contributions have been used to pay into a private pension instead.

It’s Easter Monday and the majority of us aren’t at work, so the answer could be very happy. But in general, how do you feel about your finances at the moment?

Well, according to the Office of National Statistics (ONS) national wellbeing report, things are looking up.

They report there has been a fall in the proportion of people finding it difficult to get by.

There’s also been a rise in median household disposable income (the income of the middle household if all households are ranked from the lowest income to the highest) and in national disposable income, between the financial years of 2011 and 2014.

So, what are the main changes, and how can you make sure you’re as happy as you can be with your lot?

Your financial wellbeing analysed

I’m struggling though, what should I do?

It’s all well and good saying we are getting happier as a nation, but if you are struggling yourself, this offers little comfort.

If you want to know how to manage your money better, budgeting is a great place to start. Our Budget Planner tells you how.

There is also evidence that getting free debt advice is a great way to get on top of managing your money. 79,000 of the 89,000 people who sought debt advice through our funded partners last Oct-December 2015 went on to take a positive action to better manage their debts. There was also a 38% rise in the number of actions to manage debt well year-on-year.

Debt advice doesn’t have to be frightening and these figures show the real rewards of seeking advice. Debt advice centers are full of trained advisors who can give you free, confidential help – and even better, they’re local to you.

The average man spends £126.42 on a night out, while the average woman spends £37.90. This is a staggering difference of £88.52.

The next day, 82% of men regret spending so much money, as do 34% of women, according to the survey by VoucherCodesPro.

Perhaps tellingly, 47% of women and 49% of men, also admit to paying on their card or taking money out during the night in a bid to increase their budget.

Do your good saving habits disappear once 5pm on a Friday rolls around? Money management is an important habit but sometimes resolve can be difficult to maintain. Especially when you’re faced with rounds or splitting the cost of a meal out.

We talked to our Tell MA community for their thoughts on how they make sure they have fun without waking up the next day with a wallet full of regretful receipts.

Keeping costs low on your night out

Be honest about what you can afford. Many community members simply said they are honest with their friends when money is running low. Speak up early about avoiding rounds.

If you do want to treat yourself (after all, life can get boring if we can’t relax every once in a while), having a budget can help. Take a look at your incomings and outgoings and see what you can afford. Once you know what your budget is, take this amount out as cash and leave the cards behind.

Staying in – the new going out? And other ideas…

If you’re guilty of overspending on your social life, there are alternatives.

Our community members suggested entertaining at home or going to friends’ houses to keep costs down.

With summer on the way, one member suggested BBQs as an inexpensive choice. Why not organise one and get everyone to bring a dish or a bottle?

Vouchers and coupons can be another good way to keep costs down. Some restaurants offer deals if you sign up for their newsletters, or on Facebook and Twitter, so it’s worth keeping an eye on your favourite brands.

The average UK home contains £55,000 worth of belongings, yet on average we’re only insuring them for £35,000. That’s a huge £20,000 difference – and it’s an amount that could cause all sorts of problems if you need to make a claim.

When you get your home contents insured, you need to estimate how much it would cost to replace everything in there, even if the chances of everything being damaged or stolen at the same time are slim – a fire or flood the only realistic events that could cause wholesale loss of your items.

The reason – when you claim insurers often calculate the payout based on the proportion of your cover. So if you are insured for £25,000 but have £50,000 worth of belongings, you’ll probably only get 50% of your claim.

Why are people underinsuring?

Part of the problem could be people don’t realise just how much everything costs. Fifty-five thousand pounds worth of stuff in your home might seem a huge amount, but you need to take into account everything – from clothes to bed linen to books – not just the obvious high-value items.

You’ll also need to cover belongings held in gardens, sheds and garages in the total value.

Alternatively, people might be trying to bring down the price they pay for the insurance – but doing so means they could end up not fully insured.

Insurance extras you might be forgetting

It’s not just the total level of insurance you need to make sure is right – you might not be getting the full cover you need in other ways.

High-value items

You’ll often be asked to specify either very expensive or high-risk belongings on your policy in addition to the general cover. Miss them off and you won’t be able to claim for them.

Comparison site MoneySuperMarket - who calculated the £20,000 figure after analysing 2.6 million insurance quotes from the last 12 months - found the most commonly itemised belonging was a laptop, followed by bikes, jewellery and watches.

Items outside the home

Some things – like phones, cameras, watches and glasses aren’t covered if you are outside your home unless you pay for additional cover.

Accidental damage

Spill a drink over your computer and you might have your claim rejected if you haven’t paid for accidental damage. Again it costs more, but it could be worth considering.

This week is Mental Health Awareness Week. The impact of mental health on financial matters can be great – especially if there is perceived to be a lack of support for those affected.

Fortunately this doesn’t have to be the case. 7 Families is a campaign led by charity Disability Rights UK, which aims to raise public awareness of the financial impact of long term ill health or disability, by monitoring the lives of seven different families impacted by ill health or disability. The families will receive financial, emotional and practical support for one year.

Here Kevin Carr from 7 Families talks more about their aims and the importance of speaking up.

Spotlight on 7 Families

Paul Norbert is 44. He was given a course of medication and diagnosed with bipolar in his mid-20s and has had difficulty working ever since.

According to Bipolar UK 1% to 2% of the population experience a lifetime prevalence of bipolar and recent research suggests as many as 5% of us are on the bipolar spectrum.

“Compared to other health problems bipolar and depression are still often affected by misunderstanding and stigma. It can affect every aspect of your life and your relationships. I want to be open and honest about the condition and help others who might be going through something similar. Many people don’t know what to say but just a few words of kindness can make a difference, even just asking how you are. It is important to get the right diagnosis and accept that treatment is necessary.” said Paul.

Are you struggling? See the places to go and talk

There are a range of places people can go for help and support if they are struggling because of mental distress or a mental health condition.

Your GP is a good place to start – they can talk you through treatment and other support options, which might include medication or talking therapies. The can also refer you to other specialist services.

Mental health charities Rethink and Mind both offer a range of advice and support, including factsheets which you can get from their website. Both organisations also have local groups around the country, so there may be one in your area.

If you are in crisis and are not sure where to turn, you can also call the Samaritans on 08457 909090, 24 hours a day, 7 days a week. Your doctor should also be able to put you in touch with your local mental health crisis team in an emergency.

Financial support for mental health issues

If you need financial support because of a mental health problem, you may qualify for benefits. If you are unable to work you may qualify for ESA (Employment and Support Allowance), which is a benefit for people who are too ill to work.

Personal Independence Payments (PIP) is another benefit which is designed to help disabled people meet the additional costs of living with a disability. This includes people with mental health problems.

If you’re spending a lot of time caring for someone with poor mental health, you may qualify for Carer’s Allowance. Some people find applying for benefits complicated. It’s a good idea to get advice from Citizen’s Advice, a welfare rights advisor or some other expert.

Has mental health issues affected you or your family? Have you been anywhere to get help?

This guest post is from Kevin Carr and doesn’t necessarily reflect the views of the Money Advice Service. You can find out more about 7 Families and what they do on their website.

The general election has dominated all the news this week, so there's a chance you might have missed some of the other money stories. Here's a round up to get you up to date.

1. Mortgage fixes hit a record low

The price war to offer low interest rates on fixed term mortgages continued with new deals on two, five and ten year loans lower than ever before. However borrowers should watch out for additional fees, which might mean higher rate deals actually work out cheaper overall.

2. Brits have an average disposable income of £236 each month

After bills and essentials are paid for, people are left with around 9.9% of their salary to spend on leisure and entertainment, according to a survey by Scottish Friendly. Londoners have the highest amount (£311) but Scots have the highest percentage (11.1%).

3. Sat Nav and optional extras increase car insurance costs

Supercharging your car can increase your premium by 93%, while adding sat nav bumps it up by 12%, according to research by MoneySuperMarket. Safety modifications however could bring down the price you pay.

4. Brits over 40 wish they'd saved more

A survey of the UK’s 40 to 70 year olds by insurers Partnership revealed a third wished they’d saved more in their earlier years, while a quarter felt they hadn’t saved enough into their pension.

Have you borrowed money to pay for something, only to find your wallet in a worse state than before?

Top reasons for taking out a personal loan include consolidating debts so they are all in one place (27%), purchasing a car or bike (26%), and making home improvements (20%), according to the Lloyds Lending Report.

Borrowing money and not being able to pay it back is an easy trap to fall into and can end up spiralling if you’re not careful. Here are some ways to keep your borrowing habits healthy.

Before you borrow – the dos and don’ts

Do think about whether you really need to spend the money in the first place. If it’s something you need, there may be alternative ways to get it. Take a look at buying the item second-hand, or check out recycling websites.

Don’t buy things straightaway, if you can help it. Give yourself a two-day cooling off period for impulse buys and shop around for the best deals.

Do consider your options. If you can save before you spend, you avoid having to pay the interest costs that usually come with a credit card, for example.

Spending money on yourself or your home isn’t the only reason for borrowing money. Of those who borrowed for a special occasion, 70% did so to pay for Christmas while nearly half (46%), did so to pay for someone else’s birthday, according to Lloyds.

Our research revealed almost half of Brits were planning to turn to credit cards, store cards and overdrafts to cover the cost of Christmas last year.

Planning ahead is a good idea for the special occasions you know you will want to splash out on. If you started to save £50 a month from this month, you would have £400 by the time Christmas rolls around again (which always seems to happen earlier and earlier each year!)

3. Promise to talk about your finances

It’s good to talk. And never is it more important than when it comes to money. Our ‘polling’ found 45% of Brits aren’t always honest with their partner about money, which can lead to all sorts of problems.

Making sure you’re both involved in running the household finances will help you to deal with any issues that might arise, in a democratic way.

After bills and essentials are paid for, people are left with around 9.9% of their salary, an average of £236 per person.

For Scots, this is an average of of £256 each month, 11.1% of their salary. Londoners closely follow, with 10.0% of their income left over each month, or £311, according to a report by Scottish Friendly.

In Northern Ireland, it's 8.0% of their salary, or £165.

Where does your money go?

Are you guilty of spending money on the non-essentials, like a Friday night takeaway, forgetting you still have your electricity bill to pay?

If you find yourself struggling, a budget can help you find out where your spending money is going and how you can boost it. Budgeting is essentially just a way of keeping an eye on your incomings and outgoings to make sure you’re not left short.

You may even spot something you forgot you still pay for – like that forgotten gym membership or magazine subscription. Keeping track can also stop you getting into a spiral of spending.

Boosts for your discretionary income

Discretionary income is the definition for the amount you have left over after bills and essentials. Budgeting is a good first step for giving it a boost, but there are other things you can do too.

Take a look at your monthly outgoings and consider whether you can get them cheaper elsewhere – or whether you need them at all. Did you know you could save more than £200 a year by switching your energy supplier? Or hundreds by switching your home and broadband provider?

If you have subscriptions you never use, you may also benefit from cancelling them. Now the weather is heating up, why not cancel your gym membership and exercise outside instead?

It is also always worth thinking about your benefits and entitlements. The benefit system can appear complex, but brushing up on topics such as Universal Credit could pay off.

Disposable income ideas

Once you’ve got a bit more money to play with, you may be thinking of what you should do with it.

Clearing any debts is always a good idea, especially if it’s a high interest debt, such as a credit card. Keeping a savings buffer aside for emergencies is also useful.

Alternatively, writing down a goal is a good way to channel extra dosh. Do you want a family holiday this year, for example, or to get some home improvements?

We might live in the here and now when we’re young, but mistakes over savings and pensions can lead to financial regrets once we hit 40 years old.

A survey of the UK’s 40 to 70 year olds by insurers Partnership revealed a third wished they’d saved more in their earlier years, while a quarter felt they hadn’t saved enough into their pension.

Whatever age you are, it’s never too late to start thinking about saving for your future – though the earlier the better. We’ve three ways to get you going, and a handy calculator to help you get to grips with your pension.

Find out what you can afford

It’s hard to know what you can afford to save if you don’t have an accurate budget. Once you’ve recorded everything you spend each month and everything you earn, you’ll be able to see how much money you have left. If you don’t have much disposable income, you can use your budget to find ways to cut back.

Get into a regular habit

Choose a fixed day each month to put money into savings. Payday is great as you won’t be tempted to spend the cash. You can also set up a standing order to automatically move money into a savings account each month so you won’t forget to do it.

Earn as much interest as you can

There are different places you can put your savings, from tax-free ISAs to high-interest current accounts. Wherever you choose, keep an eye on the interest rate. Many have bonus rates for the first year and drop down afterwards. If that happens, look to move your money elsewhere.

Work out your retirement income

It’s all very well putting a certain amount into your pension each month, but it’s hard to know if it’s enough. In a few easy steps, our pension calculator can give you an estimate of the income you'll get when you retire.

With the general election only a few days away you might have missed some of the personal finance stories that could affect you. Luckily, here's our weekly round up of the main money news from the past seven days.

1. Biggest banks among losers as more customers switch

More than 1.1 million people took advantage of the seven-day bank switching service to swap their current account between April 2014 and March 2015.

Higher interest rates on savings, cash bonuses and lower overdraft fees are just some of the reasons you might be better off changing your bank.

2. Brits can't live without the internet

When times get tight, the internet (51%), fresh food (40%) and a car (36%) are the non-negotiable spending items, according to research from Legal & General and Rough Guide.

The study also revealed two thirds of people have never asked for help with their finances.

3. Air passenger duty axed for under 12s

The extra tax passengers pay to fly has this week been cut for under 12s, and will be scrapped for under 16s from next year. At a cost of £71 for long-haul and £13 for closer destinations, it's a useful saving for any family.

If you’re flying with children under 12, you may have a pleasant surprise when booking your flights, as tickets have just got cheaper.

Air passenger duty (APD) is a tax you pay on flights out of the UK. Short haul destinations add £13 to your seat price, and anywhere more than 2,000 miles away will cost an extra £71.

However, APD has been scrapped as of today for passengers under the age of 12 – and it’ll be cut for under 16s from March 2016.

If you’ve already bought your tickets for travel after May 1, you can check to see if you paid APD for your kids. If you did, the APD may have already been refunded automatically, but some airlines require you to claim your money back. Check with where you bought the flights to see what you need to do.

VIDEO: The Money Advice Service asked people on the street how they save for their holiday.

Questions that could save on even more your flights

Should you buy flights as part of a package or on their own?

There are so many websites you can use to compare flights that it’s easy to find the cheapest flight possible. But don’t rule out packages if you’re off to a popular destination. The addition of accommodation – and possibly food and drink too – through a tour operator can often bring down costs.

Are flights cheaper when you book early or late?

The best savings are often late – but you won’t get much choice where you go. If there’s a certain flight you need to get, or you are travelling at peak times, it might be better to book early.

Yet as technology get smarter, it’s easier for flight companies to track demand – and harder to know if prices will rise or fall as it gets nearer to your holiday dates. A good rule to follow is that if you find an amount you feel happy paying, that’s a good sign to buy.

Can you cut your bags and just carry-on?

Even some long haul airlines now offer you the chance to just take carry-on luggage. If you can keep the packing down there are big savings to be made. However, check the size and weight restrictions. If your bag is too big or too heavy the charges you’ll be forced to pay can be sky-high.

Do you need the extras?

It’s not just your bags that aren’t always included now. Food, drink, films, reserved seats, additional legroom and priority boarding can all be added – or not. If you can plan ahead you might be able to cut the price of your flight by doing without the little extras. Just watch out if you do add them that there aren’t better deals.

A costly Christmas seems to be creating a savings hangover for some, as their bank balances haven’t yet bounced back.

That’s according to the latest Halifax Savings Review, which reveals one in four savers added nothing to their savings in the first three months of this year thanks to pressure on household budgets.

It also reports average balances are lower now than in January, and one in four said they had to raid their savings to pay for a holiday or simply cover everyday spending and general household expenses.

Three ways to boost your savings

1.

People who set a money savings goal save faster than those who don’t. So if you really want to get that deposit for a home, or save enough for a dream holiday, name your goal, work out how much you can save each month and get started.

2.

Are you saving to cover a future bill? A new TV or car? Or just to have a bit in the bank? Find out how your savings might grow in the future or work out how you can meet your savings goal based on monthly deposits.

3.

Think you can’t afford to save? Even a small amount of savings can come in handy and stop you tipping into debt if things go wrong. If you are only just making ends meet, you might think you can’t afford to save, but it’s surprising how you can find small amounts here and there and they soon add up.

With more and more collective switching schemes popping up, is it worth getting involved?

Collective switching is when a group of people get together and use group buying power to secure a deal from an energy supplier.

How do they work?

Typically these initiatives will be put together by a third party, such as a switching website, a local council, or a private company. The organisers try to get as many people as possible to sign up and then run an auction among energy suppliers. The supplier which makes the best offer wins and everyone who signed up to the scheme has the option of taking up the new energy plan.

Collective schemes are popular at the moment as energy suppliers are only allowed to offer four core energy tariffs. A collective switch offers them a chance to put out an additional tariff and attract new customers.

Should you take part?

Collective switching initiatives have led to some great deals in the past few months and can be worth signing up to. Recent schemes led by Money Saving Expert, The Big Deal and uSwitch have delivered some of the cheapest tariffs available on the market.

At the end of the day, a collective switch will provide you with an extra option if you’re looking for a new energy plan. Make sure you compare whatever you are offered with what’s on the market, particularly as there are currently a number of cheap, short-term fixed price tariffs available.

It is worth noting that collective schemes usually have a set deadline and switch date, so if you wait too long to sign up to one you might miss out. You may also end up waiting longer for your switch to go through, than if you switched as an individual as collective schemes can take more time to finalise.

How do I sign up to a collective switching scheme?

If you’re interested in taking part in a collective switch, have a look at what’s on offer. Many local councils, price comparison websites and even businesses run their own switching schemes.

Collective switching deals won’t appear on most comparison websites (unless they’re running one themselves!), so the best way to find one is to do some research online.

How much could I save?

Ofgem, the energy regulator, say that many homes could save close to £250 a year by changing to a less expensive plan. This figure is even higher for anyone who has never switched energy plans.

Regardless of whether you decide to switch individually, or through a collective switch, it is always recommended that you review your options. Run a price comparison on a few websites before making your final decision.

Stamp Duty is back in the headlines, but do you really know what it is?

The Stamp Duty Land Tax is charged on both property and land purchases in the UK. The amount you pay depends on the value of your property, starting on anything over £125,000. It used to jump up in bands and be charged on the total value, but now the increases only apply to the part of property within each band.

Minimum property purchase price

Maximum property purchase price

Stamp Duty rate (only applies only to that part of the property price that falls within each band)

You may think that’s all there is to know, but here are 10 facts about stamp duty.

1.

A stamp duty is literally the charge to have a document marked with an official and legal stamp.

2.

It’s thought to have started in Roman times, but the modern version comes from the Netherlands in 1624. It held a competition to find a new form of tax, and stamp duty was the winning idea.

3.

Stamp Duty was introduced to the UK in 1694 and is the oldest tax still collected by the Inland Revenue. In the past it’s been charged on items as diverse as cheques, newspapers, hats and insurance policies.

4.

Nowadays you pay it on the land and property purchases. It’s only the bricks and mortar of the property that you are taxed on, so if you are paying more for fixtures and fittings, or any white goods or items of furniture they are exempt.

5.

You also pay stamp duty when you buy shares valued at more than £1,000, though it’s a different system to property, and the rates are different too.

6.

When the British Empire tried to introduce stamp duty to its colonies in the Americas in 1765, it was met with calls of “no taxation without representation” and protests on the streets. It was quickly axed but many see that moment as the start of the American independence movement.

7.

8.

Just because your property is under £125,000, it doesn’t mean you can ignore Stamp Duty. You still have to submit a Stamp Duty Land Tax return.

9.

Even though your solicitor will usually deal with it, it’s your responsibility to make sure the return and payment are sent on time. If it’s late you’ll pay a £100 penalty, plus any interest.

10.

If you are transferring a portion of your home to an ex-partner after divorce or separation, or if you are giving the deeds of your home to someone – as a gift or in your will - you don’t have to pay Stamp Duty.

We've rounded up of the main money stories from the last week to keep you clued up in the world of personal finance.

1. Almost half of Brits lie to their partner about money

Money Advice Service research revealed 45% of people in relationships aren't always honest about their finances with their other half. One in five admitted they've lied about their earnings, while 41% don't know how much their partner earns.

2. Holiday makers warned Facebook posts could stop insurance claims

Posting a photo of the beach or "checking in" at an airport are just some of the ways you could be invalidating your home insurance if something happens while you're away, say the Financial Ombudsmen Service.

3. Funeral prices rocket, leaving families to pay

In ten years a funeral could cost £7,200 - up from £5,423 today - which could force more families to borrow to cover the cost. In 2013, 109,000 adults had an average debt of £1,305 from paying for a funeral.

4. Car fuel economy figures don't add up

Consumer organisation Which? tested 200 cars and found only three delivered on the miles per gallon promises on the sales brochures. It estimates that the average driver pays £133 more on fuel each year than they expect they will.

5. Parking fees ranked the most hated charge by Brits

A poll of loathed fees revealed the UK hates unreasonable parking charges more than any other, with cash machine fees and debit or credit card charges next up.

How honest are you about money with your partner? There's no doubt it's a tricky topic of conversation and can be prone to cause arguments.

Our recent research has revealed an astonishing 45% of people in relationships aren't always honest with their partner about their finances.

18% admit they've lied to their other half about their earnings and it's the men that lead the pack here, with 22% admitting to lying. In total, 41% of those who have a partner in work said they don’t know exactly how much their partner earns. For many people, a lack of knowledge of their partner’s earnings is not a result of dishonesty, but not having the conversation at all.

Is difficulty talking about money gnawing at your relationship?

We asked Priscilla Sim, a relationship counsellor at Relate to help give her thoughts about how to kickstart the conversation.

Is it all about the money, money, money?

In the counselling room at Relate I often see couples struggling to talk to each other about issues around money. In our ‘The Way We Are Now’ report last year,62% of people surveyed said that money was the biggest strain on their relationship, so it’s clearly a prickly subject for many.

I think money can be a very contentious and sensitive topic because of its meaning to each individual.

For some it can tap into a sense of self-esteem and value, both as a person and in their relationship.

Also, it’s something very real and practical that we need for survival in our society, so it’s hard not to be concerned about it. These things combined can set the scene for some major arguments if we’re not prepared.

However, what might seem like an issue about money in relationships can actually be more pervasive. For example, it’s not just the way we talk about money that can be the problem, but the way we communicate more generally about other concerns in our relationships.

Financial issues can often just be an added pressure that highlight or exacerbate deeper conflicts, and it’s these deeper issues that I’m interested in as a counsellor.

Keep it practical, not personal

What might start out as a fight about money can, by the end of a counselling session, sometimes turn out to be about power struggles between a couple or feelings of inadequacy.

Often I work with couples to talk through feelings about the worth of what each of them brings to the table. Or we might identify a pattern in the way couples handle problems - that they don’t talk about things until it’s too late, or they blame each other and don’t feel heard by the other person. Or maybe it transpires that there needs to be a renegotiation of responsibilities, which starts with money, but can lead into conversations about child care, domestic chores and even down to who initiates sex!

In all relationships you’ll have to negotiate and won’t always agree on everything, so making decisions around money is no different.

I think when it comes to talking about money it can help not to make it personal. Money is ultimately a practical commodity, so keep the talk focused on working towards a solution.

This guest post is from Priscilla Sim and doesn’t necessarily reflect the views of the Money Advice Service. You can find out more about Relate and what they do on their website.

Car tax has gone digital and the disc in the window has been consigned to history. But misunderstandings and mistakes over when and how to pay have caught thousands of drivers out - leaving their cars untaxed. In March alone 8,630 cars were clamped.

Before the changes in 2014, the DVLA clamped around 5,500 cars a month. Since 2015 began that number has shot up to more than 8,500 a month, according to figures in The Guardian.

With automatic number plate recognition being used to see who is taxed and who isn’t, it’s not just the cost of removing a clamp that could come your way, but even paying for recovery from towing or fines of up to £1,000. There’s also the increased risk of scammers take advantage of uncertainty around the new rules.

To help you avoid any unexpected fines or charges, make sure you don’t make any of the following mistakes.

Thinking a used car is already taxed

If you buy a used car, you’ll no longer benefit from the remaining time left on the tax. As soon as the car changes hands, the previous owner will be refunded the remaining full months and the existing tax becomes invalid, even if there is a tax disc with an unexpired date.

You’ll have to register as the new owner and pay straight away before you can drive the vehicle.

Not checking your payment has gone through

Having a paper tax disc acted as proof your car was insured, so getting one in the post was a confirmation that you’d paid. Now that doesn’t happen you might miss a failed online payment or admin error. Either could make your car illegal to drive and you wouldn’t know.

Making sure you properly read any letters you receive from the DVLA should mop up most errors as you should receive a warning letter if your vehicle isn’t taxed. The best way to check is to enter your car registration and model on the Vehicle Enquiry site.

Forgetting when you need to renew

One benefit of the old system was that you could see if a vehicle was taxed and when you needed to renew. You should receive a letter in the post telling you to pay again, but the best way to be sure is to put a note in your diary a month before it expires.

Giving your car and bank details over email

Since the changes, the DVLA have warned drivers to watch out for online scams. If you get an email asking you to verify your driving license and tax details to receive a refund, don’t respond. If you complete any transactions on the GOV.UK website you’ll be sure you are dealing with the DVLA.

With an extra days off work – and weather that suggests it might be better to stay inside – this weekend is likely to be a bumper DIY bank holiday.

Brits spend an average of £3,400 a year on home improvement according to American Express, with spend on home repairs averaging £433 and painting and decorating coming in at £283.

It’s a hefty amount to fork out for each year, but for anyone eager to decorate, put up some shelves or grout some tiles, it’s worth thinking about more than just the cost of materials.

Saving to make your home better

If you’re planning home improvements, it’s worth thinking first about how you’ll fund it.

Putting the materials and tools on your credit card and thinking about them later might be tempting if things are falling down, but if you can’t pay it back straight away the costs will start adding up.

If the repairs are essential and you don’t have a rainy day savings fund, first take a look to see if you really can afford to borrow money (yes, spending on a credit card is borrowing).

If you’re struggling to pay bills in the first place, before you even consider extra money for renovations, it’s time to consider if the extra debt will push you over the edge.

Accidental damage could prove costly

If you do have the money to get moving on fixing up your home, there’s something else to consider.

With many home improvement jobs there’s a good chance something could go wrong. It might not be the horrors you sometimes read about, but spilling paint on the carpet, drilling in the wrong place or putting your foot through the loft roof all do happen. And if they do, you might not be able to claim on your insurance.

Comparison site GoCompare has analysed more than 800 contents and buildings insurance policies to see how likely they are to cover DIY going wrong.

In total, just 15% include accidental damage as standard. This means if yours doesn’t and you haven’t selected to add this cover on, you won’t be insured – which could make any repairs gone wrong very expensive to repair.

It’s usually possible to add the extra cover on to your existing policy, but it will come at a cost. Of course, there will still be exclusions and often an excess, so read the terms and conditions to make sure you know what you’re covered for.

April Fool’s Day helped create some headlines this week, but what are the money stories you do need to know (and that are actually happening?) Don’t worry if you’ve been too busy to check this week. We have the round-ups you need to know.

1. Prices rise despite 0% inflation

Even though low prices have caused inflation to fall to 0%, this week saw increases in the price of stamps, NHS prescriptions, Council Tax and some water rates.

2. Care system changing

Dubbed some of the biggest changes in the care system in the past 60 years, new rules mean carers are entitiled to an assessment of their needs. From April 2016 there will also be a cap on how much someone can be expected to contribute to their long-term care needs.

3. Car insurance could still cost you more if you're a man

A report from Newcastle University found insuring cars for people with jobs typically filled by men are higher than they were in 2011. Meanwhile roles taken by more women have seen an equivalent drop.

4. Can you spot the money story fake?

We couldn’t do a post this week without talking about April Fool’s. The world of money can often be a strange and surprising one. We rounded up four true money stories from around the web – and one fake. But which one is the lie?

5. New app to help manage prepaid energy

Energy supplier OVO has launched a smart phone app to help customers who pay-as-they-go for gas and electricity. The app has a countdown for how long your credit is likely to last and text notifications for when your balance is running low. You can also add credit from the phone rather than heading to a shop to top up a card or key.

Do you have a plan for when you pass away? It’s probably not something you really want to think about, but failing to plan for the inevitable can lead to some big bills for our families – and even leave them in debt.

The average cost of a funeral in 2014 was £5,423, and the International Longevity Centre think-tank reckons it will rise to around £7,200 in 10 years.

Around 109,000 UK adults borrowed money to pay for a funeral in 2013, with an average bill of £1,305.

Funeral costs easily add up

The costs can easily add up to a hefty sum, and even the basic options don’t come cheap. A simple funeral of burial or cremation, the services of a funeral director and a minister or celebrant can add up to a sizeable £3,590.

Be upfront about what you want before you die – and how to pay for it

None of us know when we’re going to die. But if you want to help your family when you do, it’s worth thinking about what you want for a funeral.

Letting your family know that you’re happy without a solid wood casket or a coach and horses can take the pressure off.

You can even put money away in a specific funeral plan. Here you pay either a lump sum or series of instalments to fund your funeral when you die.

Deal with the debt

If you’ve already had to borrow to pay for a funeral, make sure you have a plan in place to repay the money. If you are struggling, you can use our debt advice locator to find some free, independent advice near you.

Don't worry if you haven't had time to follow all the money news this week, we've got a round up of the main stories you need to know about from the world of personal finance.

1. Car clamping increases after car tax changes

More cars have been clamped by the DVLA since it changed the rules on vehicle tax. New car buyers have been caught out by thinking the car was already taxed, while some have failed to realise payments didn't go through.

2. Adults who live with parents save £1,200 a month

18 to 30 year olds who stay at their parents' home benefit from low rent; no bills; homecooked meals and free cleaning. The research by TopCashback found that parents charge their adult kids an average of just £130, even though those costs away from home would add up to £1,236.

3. Deflation avoided by one decimal place

Inflation stayed at 0% for a second month, though if the percentage was measured at two decimal places it would have shown the UK economy fell by 0.01% in March.

All eyes will soon be on the Duke and Duchess of Cambridge as their second child prepares to make an appearance. Are you expecting your own little prince or princess?

Whether you’re having your first or your fifth child, money may be on your mind. Here are some tips to handle the costs of having a baby from when you find out you’re expecting, to three months before the birth.

I’m expecting a baby, what next?

If you’re expecting, it’s time to start researching the different kinds of benefits you may be entitled to.

For example, did you know you can take paid time off for antenatal appointments?

You may also be eligible for free prescriptions and NHS dental care. Go to your doctor or midwife and fill out a Maternity Exemption form. They can post it for you, and your Maternity Exemption certificate will be sent back to you.

If you’re pregnant and living on a low income you could also get Healthy Start vouchers to help buy some basic foods. Find out if you are eligible for Healthy Start vouchers.

Six months to go! What should I be doing now?

There’s no doubt a new baby can impact your finances.

Not only does it usually mean a drop in income, it can also mean higher outgoings and it’s easy to feel overwhelmed.

If you’re worried about how much you can afford to spend on baby things, our Baby Costs Calculator provides a clear picture of what all those essentials could cost in the first year. Before you go shopping, use the calculator to understand what your baby will need and how much it will cost. This will help keep your spending in check.

It’s also a good idea to do your research. The list of baby items you need to purchase may feel endless, so make sure you’re buying the items you really need – for instance, a Moses basket may not be strictly necessary for you. You don’t have to buy everything brand new - there are lots of websites that sell second-hand baby goods, and if this isn't your first baby you may have a lot of the things you need already.

Three months to go! What's left to check?

It’s important you know how much maternity or paternity pay you’re entitled to. Read through your contract or talk to your boss or HR department. Now is also the time to talk to your partner to make sure you’re picking the right options for you.

From April 2015, the law changed to allow both parents to share up to 50 weeks’ parental leave and 37 weeks pay, if both parents are eligible.

Are you moving house soon? Do you know exactly what you need to fork out for on top of your mortgage and deposit, and how much these costs will add up to?

Two reports today suggest the costs can easily run into thousands.

Lloyds Bank reckons the average for 2014 was a hefty £8,689, its highest level since 2007 and an increase of £431 from 2013 to 2014.

Meanwhile Post Office Money’s study with the Centre for Economics and Business Research – which says the average cost of moving is more like £11,984 - suggests 84% of people underestimate how much they have to pay.

Whatever your total amount, knowing what the likely costs are and when you need to pay them will help minimise any shocks and the earlier you plan, the more accurately you can work out the property you can afford.

The fees you need to know about

When considering your mortgage, it’s important you look beyond the interest rate as there are other costs involved. These include upfront costs such as stamp duty and your deposit, as well as any ongoing costs like council tax and insurance.

According to Lloyds, estate agents fees account for a large chunk of the cost increases.

If you are selling, you will usually pay between 0.5% and 3% of the selling price to your estate agent.

Surveys are another cost. These range from a basic home condition survey costing around £250 to a full structural survey from £600 or more. Paying for a good survey could save you money on repairs further down the line.

Stamp duty is also something you should consider – Lloyds says this could be 23% of your total moving costs. Stamp duty is a government tax paid on homes costing more than £125,000.

What would you do if your washing machine broke down? Or what if you lost your job?

These are never questions we want to think about and it is easy to brush savings worries under the carpet. But it’s important to try to get a buffer together for life’s curveballs.

According to a report from the Social Market Foundation, 26-35 year olds have on average less than one week’s worth of income in savings compared to four weeks across the rest of the population. The amount this age group has in savings has also fallen by 36% between 2005 and 2012-13.

If this sounds like you, read on for some ideas on how to make saving easier.

How to start saving successfully

The first step to successful saving is to consider what you are saving for – do you have a particular goal in mind, or is a buffer your aim? Thinking of the amount you’d like to save, and writing it down, will help focus you.

Next, work out how much you can afford to save per month. Is there anywhere you can cut back?